Property for Industry 1H rental income rises 8.8 percent , profit lifted by non-cash items

Sun, 04 Aug 2013

Aug 5 (BusinessDesk) – Property for Industry, which doubled in size following a merger, posted an 8.8 percent increase in first-half rental income and said profit was lifted by non-cash valuation changes and a smaller tax bill. Profit rose to $11.87 million in the six months ended June 30, from $7 million a year earlier, the Auckland-based company said in a statement. Sales rose to about $16 million from $14.7 million helped by rental income from properties acquired in the last quarter of 2012 and first quarter of 2013. The results are the la...

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