Cedar books $9.3m full-year net profit

Cedar Woods Properties' full-year earnings have exceeded its own guidance by 24 per cent, driven by a higher than anticipated number of settlements in June.

The West Perth-based company reported an unaudited net profit after tax of $9.3 million, which was higher than its previous guidance of $7.5 million.

Cedar last year reported a net profit for fiscal 2008 of $21 million.

As a result of higher earnings, the company said today that its net bank debt was reduced from $106 million at the end of December last year to $48 million at the end of June.

"Net bank debt to equity was at 51%, well within the company's target range of 20-75%," Cedar said.

The company expected to release its final result on August 21.

Shares in Cedar were unchanged at $1.50.