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- Release Date: 02/08/12 18:24
- Summary: ADDRESS: CDI: CDI: 2012 H1 Results (Chairman's Review)
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CDI
02/08/2012 16:24
ADDRESS
REL: 1624 HRS CDL Investments New Zealand Limited
ADDRESS: CDI: CDI: 2012 H1 Results (Chairman's Review)
Financial Performance:
The Directors of CDL Investments New Zealand Limited ("CDLI") are pleased to
advise shareholders that the Company has made an unaudited operating profit
after tax of $3.834 million for the six month period ending 30 June 2012 (30
June 2011: $1.206 million). This is the best half-year result for the
Company in the last four years. Operating profit before tax was $5.325
million (30 June 2011: $1.675 million). Property sales and other income for
the period was $10.901 million (30 June 2011: $3.963 million). A total of 53
sections were sold (30 June 2011: 26). Net Asset Backing (at cost) as at 30
June 2012 was 37.6 cents per share (30 June 2011: 36.6 cents per share).
Portfolio update:
Since the last quarter of 2011, sales activity has gained strength and
sections which have settled in the first half of 2012, particularly from the
Company's subdivisions in Auckland (Harrowglen and CrestView) and Hamilton
(Ashmore and Magellan Heights), have contributed to the improved half-year
results.
Work on additional stages in Hamilton to meet demand is already underway and
consents are being sought for further stages at Rolleston (Canterbury).
Consents have also recently been obtained for earthworks at the Prestons Road
site in Christchurch, although additional consents are being sought for other
infrastructure works before site works can commence.
Commentary and Outlook:
The profit result for this period is pleasing and reflects an upswing in
selected markets. With better sales activity in this period, the Company is
on track to continue its profitable growth achieved in the first half of
2012.
Wong Hong Ren
Chairman
2 August 2012
End CA:00225604 For:CDI Type:ADDRESS Time:2012-08-02 16:24:58
