CFS Retail Property Trust, the Australian real estate investment trust, swung to a profit in the first half on an increase in its development pipeline.

CFS Retail’s net income rose to A$93m ($82.7m) in the six months ended 31 Dec, from a A$225.7m loss a year earlier, the Sydney-based company said in a statement to the Australian stock exchange today.

The trust completed some A$850m of redevelopment projects during the six months, of which its share was A$523m, it said in the statement.