Cedar Woods posts loss

CEDAR Woods Properties Ltd has posted a net loss of $6 million for the half year to December 31 2008, on the back of weakening demand for property in the south-west metropolitan area. But, the company says it expects to deliver a full-year net profit of about $9 million, with the revenue and earnings from sales recorded on settlement in the second half of the year. Sales at the company’s major project The Kestrels, were steady during the first half, with conditions difficult in Baldivis and Mandurah in south-west metro corridor.

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