21/08/2012 - 11:00

Record profit for Cedar Woods

21/08/2012 - 11:00

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Record profit for Cedar Woods
An artist's impression of Cedar Woods' Batavia Coast Marina apartments development in Geraldton.

Cedar Woods Properties says its focus on residential markets in Western Australia and Victoria has helped it defy challenging conditions and lodge a record profit for the year ended June 30.

The Perth-based developer announced today a record net profit of $34.25 million for the 2012 financial year, up 22 per cent over FY2011.

Revenue was up from $131.8 million in FY2011 to $170.5 million in FY2012.

Cedar Woods paid a fully franked final dividend of 14 cents per share, taking its total dividend for the year to 25 cents per share.

Managing director Paul Sadleir said demand continued to be healthy in the company’s core focus markets, in WA and Victoria.

In WA, demand was being driven by resources sector, while in Victoria, it was underpinned by a population growth due to immigration.

“This result confirms the success of Cedar Woods’ strategic focus on providing residential housing in urban and regional growth areas across a range of dwelling types and price points,” Mr Sadleir said in a statement.

Mr Sadleir said the outlook for FY2013 remained positive, with the company holding $140 million in presales and a strong balance sheet to pursue new growth opportunities through acquisition.

Cedar Woods plans to add to its property portfolio and launch additional property joint ventures.

"The solid balance sheet, strengthened by the recent capital raising, provides the financial capacity to fund the development of our portfolio including four new projects and to continue to grow our project pipeline," Mr Sadleir said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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