Property For Industry boosts annual profit 50 percent after merger with Direct Property

Sun, 16 Feb 2014

By Suze Metherell Feb. 17 (BusinessDesk) – Property For Industry, which increased its portfolio by two thirds after a merger with Direct Property Fund last year, said annual profit rose 50 percent as it benefited from an increased rental flow while keeping expenses in check. Net profit was $40.5 million for the year ended Dec. 31, from $26.9 million a year earlier, the Auckland-based company said in a statement. Rental income jumped 64 percent to $47.9 million as the Direct Property merger lifted properties under management to 83 from 50. N...

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