- Release Date: 14/02/14 14:11
- Summary: FLLYR: CDI: CDI: 2013 Results Announcement
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CDI 14/02/2014 12:11 FLLYR REL: 1211 HRS CDL Investments New Zealand Limited FLLYR: CDI: CDI: 2013 Results Announcement CDI releases its audited financial statements for the year ended 31 December 2013 together with its Directors' Review and Press Release, the text of which follows below: DIRECTORS' REVIEW Financial Performance The Board of CDL Investments New Zealand Limited ("CDLI") is pleased to report a profit after tax of $13.4 million for the year ended 31 December 2013, an increase of 44.1% from the previous year (2012: $9.3 million). In line with guidance provided earlier in 2013, CDLI achieved its target of bettering its 2012 results and the 2013 result reflected increased sales and development activity across the Company's development portfolio. CDLI recorded a profit before tax of $18.6 million (2012: $12.9 million). Property sales & other income was $38.4 million (2012: $26.5 million) with 202 sections being sold (2012: 123). CDLI's shareholders' funds as at 31 December 2013 were $118.9 million (2012: $106.5 million) and the Company's total assets stood at $120.3 million (2012: $108.0 million). The net tangible asset per share (at book value) was 43.3 cents (2012: 39.6 cents). Dividend Announcement Reflecting the increased profitability, the Company has resolved to pay an increased fully imputed ordinary dividend of 2.0 cents per share payable on 16 May 2014 (2012: 1.7 cents per share). The record date will be 2 May 2014. The Dividend Reinvestment Plan will apply to this dividend. Land portfolio At 31 December 2013, the independent value of CDLI's land holdings was $177.5 million (2012: $157.9 million). CDLI acquired 5.5 hectares of land situated in Auckland during the year. Summary and Outlook The fact that we were able to better our 2012 results in 2013 provides us with confidence that the property market is buoyant. However, we note the caution being exercised by the Reserve Bank in relation to its loan-to-value (LVR) ratios for bank lending and we also note the trend towards increasing interest rates. We welcome the fact that the Reserve Bank has lifted the LVR restrictions for new build homes and we believe that this will have a positive impact on our section sales. Our focus for 2014 will be ensuring that the Company has sufficient stock to continue to sell and develop at a positive rate. Our sales activity will again be focused in Auckland, Hamilton, and Canterbury and we are excited by the prospect of our first sales at Prestons Road, Christchurch by the end of the year. Management and staff The directors and I thank the Company's management and staff for their hard work during 2013 which produced another very good result. Wong Hong Ren Chairman 14 February 2014 PRESS RELEASE CDL INVESTMENTS NEW ZEALAND INCREASES PROFITS IN 2013 Property development company CDL Investments New Zealand Limited (NZX: CDI) today reported its results for the year ended 31 December 2013. CDI increased its profit after tax by 44.1% to $13.4 million (2012: $9.3 million) with revenue & other income increasing by 45.0% to $38.4 million (2012: $26.5 million) over the previous year. The Company said that this sales result was its best in the past ten years. "The fact that we were able to improve on our 2012 results reflects the demand, location and availability of our quality residential sections", said Managing Director Mr. B K Chiu. CDI's land portfolio was independently valued at $177.5 million at 31 December 2013, which was an increase over the previous year. The company also made an acquisition of 5.5 hectares of land in Auckland in late 2013. CDI's Board had resolved to increase its dividend to 2.0 cents per share fully imputed (2012: 1.7 cents per share fully imputed) and payable on 16 May 2014. The Record date would be 2 May 2014. The Dividend Reinvestment Plan would apply to this dividend. On the year ahead, Mr Chiu said, "Our focus will be on ensuring that we have sufficient sections for sale now and a solid development pipeline to meet future demand". Summary of results: --Profit after tax $13.4 million (2012: $9.3 million) --Profit before tax $18.6 million (2012: $12.9 million) --Total revenue & other income $38.4 million (2012: $26.5 million) --Shareholders' funds $118.9 million (2012: $106.5 million) --Total assets $120.3 million (2012: $108.0 million) --Net tangible asset value (at book value) 43.3 cents per share (2012: 39.6cps) --Earnings per share 4.92 cents per share (2012: 3.50cps) ENDS Issued by CDL Investments New Zealand Limited Enquiries to: B K Chiu Managing Director (09) 353 5058 End CA:00247019 For:CDI Type:FLLYR Time:2014-02-14 12:11:19
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