Property For Industry (NZSE:PFI) Operating Income : NZ$84.8 Mil (TTM As of Dec. 2024)

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What is Property For Industry Operating Income?

Property For Industry's Operating Income for the six months ended in Dec. 2024 was NZ$43.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 was NZ$84.8 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Property For Industry's Operating Income for the six months ended in Dec. 2024 was NZ$43.7 Mil. Property For Industry's Revenue for the six months ended in Dec. 2024 was NZ$60.8 Mil. Therefore, Property For Industry's Operating Margin % for the quarter that ended in Dec. 2024 was 71.78%.

Warning Sign:

Property For Industry Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -2.5%.

Property For Industry's 5-Year average Growth Rate for Operating Margin % was -2.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Property For Industry's annualized ROC % for the quarter that ended in Dec. 2024 was 3.69%. Property For Industry's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 was 3,003.39%.

Property For Industry Operating Income Historical Data

The historical data trend for Property For Industry's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Property For Industry Operating Income Chart

Property For Industry Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Operating Income

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71.88

75.47

74.00

84.07

84.73

Property For Industry Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Operating Income	Get a 7-Day Free Trial															42.74	39.19	42.74	41.14	43.65

Property For Industry Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was NZ$84.8 Mil.

Property For Industry (NZSE:PFI) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Property For Industry's annualized ROC % for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	87.3 * ( 1 - 6.21% )	/	( (2227.824	+	2208.573)	/ 2 )
=	81.87867	/	2218.1985
=	3.69 %

where

	Invested Capital		(Q: Jun. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2086.137	-	19.787	-	( 1.481	-	max(0, 171.036	-	9.562	+	1.481	))
=	2227.824

	Invested Capital		(Q: Dec. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2116.291	-	20.789	-	( 1.896	-	max(0, 122.056	-	8.985	+	1.896	))
=	2208.573

Note: The Operating Income data used here is two times the semi-annual (Dec. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

Property For Industry's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2024		Q: Dec. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	94.036	/	( ( (3.235 + max(-12.947, 0))	+	(3.027 + max(-14.967, 0)) )	/	2 )
=	94.036	/	( ( 3.235	+	3.027 )	/	2 )
=	94.036	/	3.131
=	3,003.39 %

where Working Capital is:

	Working Capital		(Q: Jun. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.642	+	0	+	3.447)	-	(19.787	+	0.159	+	1.09)
=	-12.947

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(6.975	+	0	+	0.114)	-	(20.789	+	0.486	+	0.78099999999999)
=	-14.967

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Property For Industry's Operating Margin % for the quarter that ended in Dec. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2024 )	/	Revenue (Q: Dec. 2024 )
	=	43.65	/	60.807
	=	71.78 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Property For Industry Operating Income Related Terms

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Property For Industry Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Property For Industry Ltd (NZSE:PFI) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

15 Galway Street, Level 4, Hayman Kronfeld Building, Auckland, NZL, 1010

Website

https://www.propertyforindustry.co.nz

Property For Industry Ltd is a New Zealand-based industrial property investment company. The company's portfolio is predominantly composed of industrial properties. The company's investment properties are solely located in New Zealand, with the majority in Auckland and the remaining in other New Zealand cities. Its tenants encompass large enterprises such as Fisher and Paykel Appliances, Fletcher Building Products, Brambles, and Cottonsoft among others. Rental and management fee income represents nearly all of its operating revenue.