Listed property investor Kermadec Property Fund made a $2.1 million profit in the six months to September.
That compares with a $3.7 million loss in the same period last year.
Kermadec says occupancy levels remained at about 93% from March to September, but rental income fell by about quarter of a million dollars to $4.96 million.
The company says there have been early signs of improved economic environment in the last six months, with more leasing interest and activity.
