Property for Industry 1H earnings fall 4.9 percent on smaller portfolio, flags reduced dividend

Sun, 05 Aug 2012

By Paul McBeth Aug. 6 (BusinessDesk) - Property for Industry, whose management contract was sold to DPF Management last year, reported a 4.9 percent drop in first-half earnings after shrinking its portfolio, and warned the annual dividend will be smaller than a year ago. Distributable earnings, the favoured profit measure for property companies because it strips out unrealised changes in the fair value of its portfolio, fell to $7.6 million, or 3.5 cents per share, in the six months ended June 30, from $8 million, or 3.7 cents per share, a y...

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