Property For Industry annual profit more than halves on management contract buy-out

Sun, 11 Feb 2018

By Rebecca Howard Feb. 12 (BusinessDesk) - Property For Industry annual profit more than halved as the listed industrial property investor bore the cost of buying out its management contract and reaped a smaller fair value gain on investment properties. Net profit dropped to $51.7 million or 11.25 cents per share, in calendar 2017 from $123.4 million or 27.4 cents, the Auckland-based company said in a statement. That included $42.9 million of costs for terminating its management contract and taking the function in-house. In 2016 the fair...

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