Cedarwoods tumbles

CEDARWOODS has recorded an 86 per cent fall in operating profit to $0.63 million for the half year ended December 31, on sales of $6.2 million – 56 per cent lower than the corresponding period in 1999.

Total profit for the half year was less than the $1.44 million in the corresponding period in the previous year, as the previous period included profit from the sale of the 50 per cent share in Westpoint Business park and a group housing site at Port Mandurah.

During the period, the company sold 50 lots, substantially more than the 21 recorded in the previous period.

The company has a net debt to equity ratio of 10 per cent as at December 31, compared with 38 per cent the previous year.

According to CEO Paul Sadleir, the company is anticipating an im-provement on the back of lower interest rates and a recovery in consumer confidence, which should push total profit after tax to about $2 million.

Late last year, the company was in negotiations with Menzies Court to merge their activities, however these talks fell over at the 11th hour because of a conflict over company structure.

Menzies Court CEO Ross Neumann, who originally left the door open for further merger talks, has since indicated to Business News that it was unlikely that a merger would occur.

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