Listed residential property investor CDL Investments has recorded a 75% fall in its half-year profit, which it blames on what it calls a dramatic change in the market for residential sections and property.
CDL made $1.48 million for the six months to June, compared with more than $7.5 million a year earlier.
The company says trading conditions will remain difficult for the remainder of the year, but at this stage is not forecasting a loss for the full year.
The company says the property result reflects the market.
Meanwhile, CDL's majority shareholder, the Singaporean-owned Millenium and Copthorne hotel group, has recorded a 2.6% rise in its half-year profit to just more than $13 million despite a slight drop in hotel revenue.
The company says the result is within expectations, taking into account the closure of the Kingsgate Hotel in Greenlane, Auckland, and the expiry of its lease on Plimmer Towers in Wellington.
The hotel operator is still forecasting a full-year profit, but says the sharp decline in CDL's revenue means profits and dividends will be below the previous year.