Annual net profit for DNZ Property Fund fell 8.7 percent, mainly because of write-offs on current developments and a loff of more than $1 million on the sale of a quake-damaged building in Christchurch.
The property investor's net profit for the 12 months ended March fell to $41.6 million.
However, profit for distribution to investors rose 15.7 percent to $35 million.
DNZ chairman Tim Storey said the results were pleasing considering its capital raising, the appointment of a new chief executive and restructuring of the management team, and the purchase of the Silverdale site where DNZ plans to build a $155 million shopping centre.