Property for Industry takes $31.9m loss

Listed industrial property investor Property for Industry reported a 5.3 per cent increase in full-year net operating profit for distribution to $15.7 million.

But an unrealised portfolio revaluation loss was a factor in a loss after tax and unrealised losses for the year to December of $31.9 million compared with a profit of $44.5 million the previous year, the company said yesterday.

Other factors contributing to the loss included unrealised losses in the fair value of interest rate swaps and deferred taxation.

The full-year revaluation of PFI's portfolio, by independent valuers DTZ, Jones Lang LaSalle and CB Richard Ellis, resulted in an unrealised net reduction in portfolio value of $43.1 million or 10.2 per cent over the 12 months.

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Posted: 24 Feb 2009

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