DNZ Property Fund has reported a 40.9 per cent gain in profit during the first half of the year, as the future focus turns to its development of the Westgate Mall.

The interim results for the six months ending 30 September, 2014 saw a net after tax profit of $26 million, the company said in a statement.

“This is another solid result and demonstrates that our strategy is delivering results to shareholders through improved earnings and distributions,” Tim Storey, DNZ Property chairman, said.

CEO Peter Alexander said “we have had an excellent half year with some good gains in leasing and cost management. Our major retail development at Westgate continues to progress well, with over 80% of budget rental now confirmed. Construction is on budget, and the development is on target to open in October 2015.”

The company said that the next 12 months of activity will be strongly focus on the Westgate Mall being fully leased and open for business in October 2015.

It is also continuing to evaluate options for the future of the Johnsonville Shopping Centre.

“With a skilled management team in place, a strong vision for the future, and a plan to grow shareholder value, DNZ is well positioned to take advantage of growth opportunities both from within and outside the current portfolio,” the company said.

DNZ Property Fund has 45 properties with 286 tenants, a weighted average lease term of 5.4 years, and an occupancy rate of 99 per cent over a net lettable area of 358,307sqm, at as September 30, 2014.

Top ten tenants, representing 50.2 per cent of the company’s total contract rental, are Bunnings, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE and New World), ASB, NZ Government, Fletcher Building, The Warehouse, Westpac, Meridian and Lion.