DNZ first-half profit rises 41% on revaluations, reduced costs

Tue, 11 Nov 2014

By Jonathan Underhill Nov. 12 (BusinessDesk) - DNZ Property Fund, the listed property investor, posted a 41 percent gain in first-half profit after recognising an increase in the value of its portfolio and trimming corporate and finance costs. Profit rose to $25.98 million in the six months ended Sept. 30, from $18.4 million a year earlier, the Auckland-based company said in a statement. Net rental income rose 2.7 percent to $28.96 million. Profit included a $10.7 million, or 1.4 percent, gain from the revaluation of 12 properties, com...

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