West Perth-based property developer Cedar Woods Properties Ltd has reported a 67 per cent fall in net profit for the half year to December 31 2007, although the company maintains it is on track to meet a full year net profit of $20 million.The company posted a net profit of $4.6 million for the period, down from the $13.8 million it recorded in 2006.Revenue also halved, from $63.5 million in the previous corresponding period to $31.6 million. In its report, the company said it expected stronger earnings in the second half of the year, with a number of projects scheduled for completion and presales due to be finalised. In particular, the company's apartments project at Halls Head, near Mandurah, and a development at Mandurah Country Club are expected to boost earnings. Development of several Melbourne projects, including a 600 lot residential estate in the city's northern suburbs, is due to begin in the next few months, although will not contribute to earnings until the 2009 financial year.
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