In the first result from the top 50 companies, half-year profit expectations were met by Property For Industry Ltd., the investment group managed by AMP Capital Investors, on the NZX in this earnings season.

A fall by 1.6% to NZ$7.9 million was seen in net operating profit after tax for distribution for the six months ended June 30, meeting First NZ Capital's expectations, in the midst of decreasing rental revenues, which plunged to NZ$15.8 million from NZ$16.5 million in the same period a year earlier.

The dividend for the second quarter was held at 1.550 NZ cents per share plus imputation credits of 0.387 cents per share.

General manager Ross Blackmore, clarified, "The company reduced its debt levels through the sale of NZ$45.4 million worth of assets in the past year, but this had resulted in lower returns as the funds had yet to be reinvested."

Last year witnessed the commercial property returns slumping as the global economic slump battered property values and sapped demand for rentals. An annual 15% was scrapped last month by AMP Office Trust, the largest listed commercial property investor from the value of its portfolio.

"The value of PFI's portfolio shrank 5.7% to NZ$349.8 million in the past six months. The company reported a net loss of NZ$15.7 million, including unrealized losses, compared to a NZ$5.9 million profit in the same period a year earlier, which wasn't required to include unrealized fluctuations on values," revealed a source on the condition of anonymity.

Nearly 97.9% was the occupancy rate of the company, with a weighted average lease term of 4.5 years.