The half-year profit for the property investment firm, Property for Industry, was down 66 percent on last year to $15.6 million, due to property value writedowns.
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A $7.8m fair value loss on investment properties, compared to a $23.4 million fair value gain in the prior interim period, was the main contributor.
The firm also saw a decrease in rental income for the six months to June, but this was offset by savings in interest and tax due to the reintroduction of tax depreciation for commercial and industrial buildings.
Chief executive Simon Woodhams said given the circumstances, the result was resilient.
"The first half of 2020 will be remembered for the global onset of the Covid-19 pandemic. Whilst the course of the pandemic continues to unfold, and its full impact will take many years to materialise, PFI has delivered a resilient interim result, maintaining a strong balance sheet and portfolio metrics, and continuing to pay dividends in line with the prior year."
The company has a nationwide portfolio of more than 93 properties, with a book value of $1.47 billion, leased to around 140 tenants.
It provided $1.4m worth of rent abatements and deferrals to tenants in hardship.
It had secured an additional $50m in liquidity from its bank in Australia, and said the impact from the recent August lockdown restrictions were not yet known.
Woodhams said the outlook for the company was positive with demand for industrial space expected to remain.
"Looking forward, strong demand for industrial space due to increased e-commerce volumes and businesses looking to create more localised and resilient supply chains are trends that are anticipated to benefit PFI's long-held strategy of owning, developing and acquiring quality industrial properties in sought-after areas.
"Despite the current challenging times, we believe PFI is well placed to respond to these latest challenges, and indeed any opportunities that may arise from them."
The company would pay a dividend.
