CDI
31/07/2014 10:05
HALFYR
REL: 1005 HRS CDL Investments New Zealand Limited
HALFYR: CDI: CDI: 2014 Half Year Financial Statements & Media Releases
CDI's interim 2014 results for the period ended 30 June 2014 are attached to
this announcement. These include:
--NZX Appendix 1;
--(Unaudited) financial statements for the period ended 30 June 2014;
--Chairman's Statement;
--Media Release.
Takeshi Ito
Company Secretary
CHAIRMAN'S REVIEW
--Financial Performance:
The Directors of CDL Investments New Zealand Limited ("CDLI") advise that the
Company has made an unaudited operating profit after tax of $8.217 million
for the six month period ending 30 June 2014 (30 June 2013: $5.733 million).
Operating profit before tax was $11.412 million (30 June 2013: $7.962
million). This is an increase of 43.33%.
Property sales and other income for the period increased by 62.27% to $24.909
million (30 June 2013: $15.350 million). Net Asset Backing (at cost) as at
30 June 2014 was 44.3 cents per share (30 June 2013: 40.5 cents per share).
--Portfolio update:
Sales made to 30 June 2014 have come from the Company's developments in
Auckland (Harrowglen), Hamilton (Magellan) and Rolleston (Stonebrook). The
Company sold a total of 133 sections in the year to date (2013: 68).
Additional stages were completed at the Company's subdivisions at Hamilton
and Rolleston. Earthworks are well advanced at the Company's Prestons Road
(Christchurch) with civil works starting this month.
The Company acquired a further 4.1 hectares of land in Auckland during the
period.
--Commentary and Outlook:
The Board is satisfied with the level of sales made in the first half of 2014
as well as the profit result for the period but has noted that the market
shows signs of softening. The Company is, however, targeting a forecast
profit on a comparable level with its 2013 results given the level of
unconditional sales it has on hand.
Wong Hong Ren
Chairman
31 July 2014
MEDIA RELEASE
CDL INVESTMENTS INCREASES 2014 HALF-YEAR PROFIT BY 43%
Property development and investment company CDL Investments New Zealand
Limited (NZX:CDI) today released its (unaudited) results for the six months
to 30 June 2014 and announced an operating profit of $8.217 million (30 June
2013: $5.733 million) on revenue of $24.909 million (30 June 2013: $15.350
million).
Managing Director Mr. B K Chiu said that CDI had sold a total of 133 sections
in the first half of 2014 and these had been sourced from the Company's
developments at Auckland, Hamilton and Rolleston (Canterbury). Additional
stages had been completed at CDI's Stonebrook (Rolleston) and Magellan
heights (Hamilton) developments. CDI also acquired a further 4.1 hectares of
land in Auckland in the period.
"We are pleased with the level of sales we have made so far and that we have
been able to increase our half year profit once again".
"We do expect sales to be slightly softer in the second half of the year than
in the first. Forecast increases in mortgage interest rates and property
availability generally will impact the property markets", Mr. Chiu said.
Despite this, Mr. Chiu said that the Company was forecasting a 2014 profit on
a comparable level with its 2013 results given the number of unconditional
sales it had on hand.
ENDS
Issued by CDL Investments New Zealand Ltd
Any inquiries please contact:
B K Chiu / Takeshi Ito
Managing Director / Company Secretary
CDL Investments New Zealand Ltd
(09) 913 8077 / (09) 353 5005
End CA:00253326 For:CDI Type:HALFYR Time:2014-07-31 10:05:31
