Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

PFI Continues Consistent Returns to Investors

Release to New Zealand Stock Exchange

Property For Industry Continues Consistent Returns to Investors

Listed industrial property investor Property For Industry has announced a solid third-quarter result, with consistent returns to investors following a slightly lower operating surplus.

Chairman Mr Peter Masfen said PFI shareholders will receive a third-quarter dividend of 1.35 cents per share with imputation credits of 0.3 cps, unchanged from the previous two quarters of this year. The dividend entitlement date is November 1, 2002 and the dividend will be paid on November 8.

PFI’s operating surplus for the nine months to September 30, 2002 was $8.556 million, slightly down on the $8.748 million recorded for the same period last year.

Interest costs were reduced to $3.374 million, compared with $3.939 million in 2001, as a result of more favourable interest rates and divestment of non-core properties completed over the past year. PFI’s rental income was comparatively lower at $16.189 million (2001: $16.547 million), also as a result of the property divestments. Earnings per share for the same nine-month period decreased from 4.6 cents to 4.3 cents.

PFI’s portfolio remains unchanged with 46 properties, valued at $207 million and with an occupancy rate of 98 percent.

PFI is New Zealand’s only listed property company investing exclusively in the New Zealand industrial property sector and has a policy of paying out 100 percent of net operating earnings as quarterly dividends. The company is managed by AMP Henderson Global Investors, which manages more than $300 billion of assets worldwide.

-ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>