Softer valuation gains, write-offs hit PFI performance

CEO Simon Woodhams says Property for Industry is moving to 'pure play' industrial portfolio. (Image: PFI)

Mon, 22 Aug 2022

Industrial property developer Property for Industry reported a 91% slide in first-half profit to $23.8 million after a reduction in valuation gains to $19.5m on its 11 investment properties.That’s down from a net profit of $273.5m for the comparable period to June 2021, when fair value gains added $248.2m to its overall portfolio value.Its portfolio now consists of 97 properties valued at $2.19 billion, up from $2.17b at last June. The fund also wrote off goodwill of $29.1m, originally accounted for on the merger with Direct Property...

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