PFI Reports Double-Digit Decline in Net Profit | NZ Market Update

For the six months ended 30 June 2020, Property for Industry Limited (NZX: PFI) reported Funds from Operations (FFO) earnings of 4.78 cents per share, up by 6.5% from the previous interim period and Adjusted Funds From Operations (AFFO) earnings of 3.79 cents per share, down by 7.8% from the previous interim period. In 1HFY20, the company’s Profit after Tax decline to $15.6 million from $46.4 million in the prior interim period due to a fair value loss on investment properties of $7.8 million as compared to a $23.4 million fair value gain in the prior interim period.

Quick wrap of key highlights in the New Zealand labour market in June 2020 as per various stats NZ Employment and unemployment both declined as there were fewer people in the labour force. The unemployment rate decreased to 4.0 per cent in June 2020. The seasonally adjusted underutilisation rate grew to 12.0 per cent, increased from 10.4 per cent in the previous quarter. Hours worked dropped a record 10.3 per cent. People not in the labour force increased 37,000. The number of employed people declined 11,000.

Jetstar has stretched its deferral of New Zealand services until at least September 16. Subsequent to a resurgence of covid-19, the Qantas subsidiary halted all flying in New Zealand until September 6. Post Friday’s announcement by Prime Minister Jacinda Ardern that current restrictions won’t be evaluated before mid-September the suspension was extended by a further 10 days. A travel alert published on the airline's website on Friday afternoon said as low-cost carrier Jetstar was unable to maintain its operations in New Zealand while airlines were necessary to keep the middle seat free.

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