Property for Industry's interim net profit is down 91 percent, reflecting a significant drop in revaluation gains and write-down in goodwill.
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The industrial property investor reported a $23.7 million net profit in the six months ended June, with a 71 percent drop in revenue to $88.4m.
The result includes a $19.5m fair value gain on the value of 11 properties as compared with a more than $248m gain on the total portfolio, the year earlier.
The result was also hit by a more than $29m write-down in goodwill not taken at the time it merged with the Direct Property Fund nine years ago.
On the plus side, the company said it was seeing strong rental growth, and expected to make a full-year dividend payout at the top end of its forecast range of 8.10 cents a share.