CEDAR Woods last week announced a net profit of $10.25 million for the year to June 30 2004, up 44 per cent from the $7.1 million achieved in the previous year.
Managing director Paul Sadlier said the company’s share price had appreciated 75 per cent through the financial year and its market capitalisation now exceeded $100 million.
“Revenue was up 54 per cent, boosted by sales at the company’s new projects at Baldivis, Tapping and Rockingham,” Mr Sadlier said.
“During the second half the company continued to experience high demand across its projects, with the launch of The Kestrels at Tapping and the commencement of construction of the Aria Apartments in Rockingham contributing to a strong result.
“All stage one lots released at Tapping and all of the Aria apartments have sold.”
“Based on the current momentum within the property market, the company is cautiously optimistic of meeting its 10 per cent per annum earnings share growth target and achieving a net profit of between $11-12 million for the 2005 financial year.”