DNZ Property posts big half year profit jump

Investors will be watching how Fletcher Building, which reports on Wednesday, is tracking in the Christchurch rebuild. Photo / APN

Listed landlord DNZ Property Fund made $25.9 million net after-tax profit in the September half-year, up 41 per cent on last year.

The business has $788.0 million of commercial office, retail and industrial properties in the main urban areas throughout New Zealand.

Peter Alexander, chief executive, said the half-year had been excellent with good gains in leasing and cost management.

"Our major retail development at Westgate continues to progress well, with over 80 per cent of budget rental now confirmed. Construction is on budget, and the development is on target to open in October 2015," he said.