Cedar Woods posts $9.9m H1 profit

Property developer Cedar Woods Properties has reiterated its full-year profit guidance of $15 million after it today reported a profit turnaround to $9.9 million.

The first-half profit result compares to a net loss of $5.57 million booked for the previous corresponding period.

Revenue for the six months to the end of December 2009 surged from $13.3 million to $59.4 million, driven largely from an increase in settlement income, particularly in new market, Melbourne.

The directors have declared an interim dividend of five cents, fully franked.

Cedar Woods said the strong first-half results reflected the improved conditions in the property market, with the company achieving more settlement than anticipated in December.

The company added that the $50 million in presales already in place for the second half will underpin the period's earnings.

"A lower number of settlements are expected in the second half, hence the second half result will be lower than the first half," Cedar Woods said in a statement.