Property For Industry, which has a portfolio of 49 industrial properties nationwide, posted a decline in distributable profit fall on property sales and lower occupancy in the first quarter.
Distributable profit fell 8 per cent to $3.57 million, in the three months ended March 31. This is the first set of results since the Auckland-based company's management contract was sold to McDougall Reidy Management last year. Sales dropped to about $7.1 million from $7.8 million.
PFI secured eight new leases and extensions during the quarter, with its portfolio occupancy rate rising to 96.2 per cent from 95.6 per cent.
"While 96.2 per cent is still a respectable occupancy level - it is lower than in previous years and addressing PFI's current vacancy and upcoming lease expires remain our major focus," Nick Cobham, general manager, said in a statement.
PFI's rentals dropped 4.9 per cent to $7.4 million, largely due to the company's property sales over the past year and lower portfolio occupancy, it said.
Net profit rose to $4.79 million from $2.75 million a year earlier, reflecting net changes in fair value of investment properties and unrealised revaluation changes from financial instruments.
The company's dividend remains unchanged at 1.55 cents per share.
Shares in the company are largely unchanged this year and last traded at $1.17 cents.