New strategy sees profit jump for PFI

Mon, 17 Feb 2020

A refined focus on industrial property is paying off for Property for Industry, lifting annual profit 60 percent in the first year of a refreshed strategy. The property investor reported a net profit of $176.3 million in calendar 2019, up from $110.1 million in 2018. Net rental income rose 5.4 percent to $83.3 million. The value of PFI’s portfolio rose from $1.32 billion to $1.48 billion. The company has 94 properties, of which 84 percent are in Auckland and 90 percent are industrial. That's up from the prior year when 87.3 percent of i...

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