DNZ Property lifts first half profit on stable rents, falling expenses

DNZ Property lifts first half profit on stable rents, falling expenses
Nov. 15 (BusinessDesk) – DNZ Property Fund, a diversified property investor, reported rental income that was little changed in the first half, while profit climbed as expenses fell. Net profit was $12.1 million in the six months ended Sept. 30, from $8.2 million a year earlier, the Auckland-based company said in a statement. Rental income was flat at $29.3 million, while property operating expenses dropped about 29 percent to $2.4 million, resulting in a $1 million net gain in rental income. Distributable profit fell to $12.7 million or 5.15...