A rise in the value of its portfolio and a reduction in costs has helped listed property investor DNZ Property Fund post 41 per cent gain in first-half profit.
Profit rose to $25.98 million in the six months ended September 30, from $18.4 million a year earlier, it said. Net rental income rose 2.7 per cent to $28.96m.
Profit included a $10.7m gain from the revaluation of 12 properties, compared to a year-earlier accounting adjustment of $5.2m.
Corporate expenses fell to $3m-$4.1m, while finance costs declined to about $6.6m-$7.3m.
The property investor said distributable profit, which strips out one-time items, rose 21 per cent to $16.8m.
The company’s Westgate Mall development is on schedule with a target for completion of October 2015.
Its Capital S.M.A.R.T. development in Penrose, Auckland, was completed last month, it said.
DNZ Property sold $7.1m worth of property as part of a planned $50m of divestments, it said.