03/09/2009 - 00:00

Fine for unsafe work environment

03/09/2009 - 00:00


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Fine for unsafe work environment

TWO national property developers with significant interests in Western Australia have announced strong year-end results despite difficult market conditions.

National property developer Peet has announced strong results in its year-end profit statement, with an operating profit after tax of $31.2 million, excluding revaluation of assets.

The group's statutory profit after tax was $12 million.

Peet chief executive Brendan Gore told WA Business News the group was in a strong position for growth having secured a three-year extension on its core debt facilities.

Mr Gore said Peet was well placed to increase its presence in WA, fundamentally through its 3,300-dwelling Alkimos development.

Meanwhile, Perth-based national developer Cedar Woods Properties turned a year-end profit of $9.3 million.

The company recorded earnings per share of 16.2 cents, down from 17.3 cents per share last year.

Cedar Woods managing director Paul Sadleir said the result was encouraging despite the Australian property market declining during the global financial crisis.

Projects in WA for Cedar Woods during the next year are developments of state government-owned land at Carine and Harrisdale and delivery of the first titles at Wellard.

Plans are also under way to launch a 15-apartment development known as 'The Jetty' in Rockingham.


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