Cedar Woods post $9.9m half year profit

WA property development company Cedar Woods today announced a strong half year profit result for the period to December 31 2005, highlighted by net profit after tax of $9.9 million.

The profit result, up from the $3.4 million posted for the same period in 2004, was accompanied by revenues of $52.4 million.

The company, which has a portfolio of property assets in Western Australia and Victoria, has a number of projects at various stages of development, and is also committed to an increased presence in the Melbourne market as part of its growth strategy.

It has a number of developments in the Mandurah area due to complete by the end of the 2007-08 financial year.

In Melbourne it has a conditional contract for a $10.5 million nine hectare mixed used site in Footscray and a larger parcel of land at outer suburban Laverton.

The company expects its residential projects to benefit from continued positive indicators in the housing sector, with ongoing population, steady interest rates and consumer sentiment remaining positive.

The company will take strong pre-sales into the second half and has a number of other projects undergoing due diligence.