04/05/2016 - 15:18

Cedar Woods maintains outlook

04/05/2016 - 15:18

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West Perth-based developer Cedar Woods Properties has maintained its profit guidance for the current financial year, with strong performances on the east coast continuing to offset soft conditions in Western Australia.

Cedar Woods maintains outlook
Paul Sadleir says Cedar Woods has nine new projects.

West Perth-based developer Cedar Woods Properties has maintained its profit guidance for the current financial year, with strong performances on the east coast continuing to offset soft conditions in Western Australia.

In its third quarter operational update, Cedar Woods reaffirmed its net profit guidance of $43 million for the year to June 2016, up from $42.6 million previously.

Managing director Paul Sadleir said the guidance was supported by settlements at the company’s established residential estates in Perth and Melbourne and anticipated settlements due to occur in the fourth quarter.

“With nine new projects expected to start contributing to earnings over the next three years, we will continue to have arrange of product available for sale across our national portfolio,” he said.

Mr Sadleir said pre-sales for FY17 and FY18 were at $130 million, providing a solid platform for the future.

The company said market conditions in WA are coming off the resources-driven peak and demand is settling closer to the long-term average.

It added that although sales had declined from FY15, the company had continued to record steady sales particularly at its estates in high growth areas where limited competing product was available.

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