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- Release Date: 22/02/13 15:32
- Summary: FLLYR: CDI: CDI: FY2012 Media Release
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CDI
22/02/2013 13:32
FLLYR
REL: 1332 HRS CDL Investments New Zealand Limited
FLLYR: CDI: CDI: FY2012 Media Release
CDL INVESTMENTS NEW ZEALAND'S 2012 PROFITS INCREASE BY 146%
Property development company CDL Investments New Zealand Limited (NZX: CDI)
today reported its results for the year ended 31 December 2012.
CDI increased its profit after tax by 145.6% to $9.3 million (2011: $3.8
million) Revenue increased by 131.1% to $27.0 million (2011: $11.7 million)
over the previous year. The Company said that the result was its best in the
past five years.
"We are pleased to have delivered a very positive result which reflects
careful management, a high-quality product and pricing that is attractive to
the market", said Managing Director Mr. B K Chiu.
CDI's land portfolio was independently valued at the end of 2012 at $157.9
million at 31 December 2012, down from $162.7 million in 2011. The decrease
reflected increased sales of land and the fact that CDI did not make any new
acquisitions in 2012.
Reflecting the increased profit, CDI increased its ordinary dividend to 1.7
cents per share fully imputed (2011: 1.4 cents per share fully imputed) and
payable on 10 May 2013. The Record date would be 26 April 2013. The Dividend
Reinvestment Plan would apply to this dividend.
Mr. Chiu also said that CDI was looking to better its 2012 profits in 2013.
"To do that, we need to maintain our current sales tempo and that means
making sure we have the right sections for sale in the right places. We have
accelerated development in areas where we are seeing demand and demand is
strongest in Auckland, Hamilton and Canterbury. That is where we will direct
our focus in 2013", he said.
Summary of results:
--Profit after tax: $9.3 million (2011: $3.8 million)
--Profit before tax: $12.9 million (2011: $5.4 million)
--Total group revenue: $27.0 million (2011: $11.7 million)
--Shareholders' funds: $106.5 million (2011: $98.0 million)
--Total assets: $108.0 million (2011: $99.2 million)
--Net tangible asset value (at book value): 39.6 cents per share
(2011:37.6cps)
--Earnings per share: 3.50 cents per share (2011:1.47cps)
ENDS
Issued by CDL Investments New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058
End CA:00233339 For:CDI Type:FLLYR Time:2013-02-22 13:32:14
