PFI profit dips

Property for Industry reported a 3.3 per cent fall in first-quarter net operating profit to $3.97 million.

General manager Ross Blackmore said PFI's rentals for the three months to the end of March were down 3.2 per cent from a year earlier to $7.94 million because the company sold three properties during the intervening year.

PFI's tax for the quarter was also 11.8 per cent higher.

Shareholders will receive a first-quarter dividend of 1.55c per share plus imputation credits of 0.526cps.