DNZ Property Fund has returned to profit after taking a $32 million hit to buy back its management contract last year.
The listed property investor made $8.2 million in the six months to September, compared with a loss of $43.4 million in the same period a year earlier.
The company, which owns 48 commercial office, retail and industrial properties nationwide, says net property income remained flat at $26 million.
The company says its performance is pleasing in a subdued property market and with uncertain global financial markets.
DNZ says its main focus is to maintain rental streams and high occupancy levels.
Since the 30 September balance date, the firm bought three Foodstuffs supermarkets for $41 million.