Revaluations push Property For Industry net profit down 36 per cent
21 Feb, 2021 09:13 PM
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Less spectacular property revaluations pushed NZX-listed real estate specialist Property For Industry s full-year net profit down 36 per cent, from $176 million to $113.5m.
Property valuations did not rise as fast last year as they had in 2019, which affected the bottom line and revenue also fell. A $72.5m fair value gain on investment properties, as compared to a $125.2m fair value gain in the prior year, was the main contributor to this reduction in profit, the business said in its result for the year to December 31, 2020.
Yet the company also said it produced a robust result in testing times, the business had borrowed an extra $50m from the Commonwealth Bank of Australia and got that extended until March next year.
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