CDI
30/07/2015 11:25
HALFYR
PRICE SENSITIVE
REL: 1125 HRS CDL Investments New Zealand Limited
HALFYR: CDI: CDI: 2015 Half Year Financial Statements & Media Release
CDI's interim 2015 results for the period ended 30 June 2015 are attached to
this announcement. These include:
--NZX Appendix 1;
--(Unaudited) financial statements for the period ended 30 June 2015;
--Chairman's Statement;
--Media Release.
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 $8.511 million
for the six month period ending 30 June 2015 (30 June 2014: $8.217 million).
Operating profit before tax was $11.703 million (30 June 2014: $11.412
million).
Property sales and other income for the period was $23.888 million (30 June
2014: $24.909 million). Net Asset Backing (at cost) as at 30 June 2015 was
47.6 cents per share (30 June 2014: 44.3 cents per share).
Portfolio update:
The Company sold a total of 128 sections in the year to date (2014: 133).
Sales have reflected demand in Hamilton, Hawke's Bay and Rolleston
(Canterbury).
Additional stages were completed at the Company's subdivisions at Hamilton
and Rolleston and work has commenced on the company's land at Kewa Road
(North Shore, Auckland). Civil works are very well advanced at the Company's
Prestons Road development (Christchurch).
Welcome to new directors:
In March, we welcomed Mr. Aloysius Lee, Group Chief Executive Officer of
Millennium & Copthorne Hotels plc as a non-executive director and in April we
welcomed Mr. Roy Austin as our new Independent Director. Mr. Austin has been
appointed as the Company's Audit Committee Chairman. Both directors stood
for election at the last annual meeting of shareholders in May and were duly
elected. We look forward to their contributions to the Company.
Commentary and Outlook:
The level of sales made in the first half of 2015 is satisfactory and reflect
current market conditions. In terms of sales for the remainder of the year,
we expect the current tempo to continue. In Canterbury, we expect to
commence sales of our Prestons Road subdivision by the end of this year. As
a result, the Board currently expects the Company to exceed its 2014 results
in 2015.
Wong Hong Ren
Chairman
30 July 2015
**Media Release**
30 July 2015
CDL INVESTMENTS INCREASES 2015 HALF YEAR PROFIT
Property development and investment company CDL Investments New Zealand
Limited (NZX:CDI) today released its (unaudited) results for the six months
to 30 June 2015 and announced an operating profit of $8.511 million (30 June
2014: $8.217 million) on revenue and other income of $23.888 million (30 June
2014: $24.909 million).
CDI's Managing Director Mr. B K Chiu confirmed that CDI had sold a total of
128 sections in the first half of 2015 from the Company's subdivisions at
Hamilton, Hawkes Bay and Rolleston (Canterbury).
He noted that additional stages had been completed at CDI's Stonebrook
(Rolleston) and Magellan Heights (Hamilton) developments. Earthworks had
also commenced at CDI's development at Kewa Road in Auckland and civil works
were very well advanced at the Company's site in Prestons Road, Christchurch.
"We are looking to continue our current sales and development tempo in the
second half of 2015 and we also hope to commence sales of our Prestons Road
sections by the end of this year", he said.
CDI was therefore forecasting a profit exceeding its 2014 results.
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) 353 5077
End CA:00267686 For:CDI Type:HALFYR Time:2015-07-30 11:25:01
