05/07/2018 - 12:53

Cedar Woods tips strong results

05/07/2018 - 12:53

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National developer Cedar Woods Properties says it is expecting net profit of about $40 million for the 2018 financial year and is buoyant about the outlook for 2019.

The $58 million pre-sale of the Target headquarters is due to settle in 2019.

National developer Cedar Woods Properties says it is expecting net profit of about $40 million for the 2018 financial year and is buoyant about the outlook for 2019.

The company said it made a number of settlements in May and June, which had underpinned the strong result for 2018.

Final results will be released in August following an external audit.

Cedar Woods said presales currently totalled about $320 million, with the majority of those expected to settle in 2019.

Additionally, the $58 million pre-sale of the Target headquarters is due to settle in 2019.

The company had $260 million in presales at the same time last year.

Managing director Nathan Blackburne said the company had a strong outlook.

“The level of sales and the progress we’re making across our portfolio is particularly pleasing and provides a strong platform for FY19 and FY20,” he said.

The company also provided an update on its Wooloowin project in Queensland, saying it would proceed after two appeals were removed.

Cedar Woods said more than 90 per cent of townhouses from stage one of its Glenside project in South Australia have been sold at an average price of $880,000.

Shares in Cedar Woods were up 2.17 per cent at $6.13 each at 230pm AEDT.

 

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