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- Release Date: 31/07/13 12:14
- Summary: HALFYR: CDI: CDI: 2013 H1 Results (Chairman's Review)
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CDI
31/07/2013 10:14
HALFYR
REL: 1014 HRS CDL Investments New Zealand Limited
HALFYR: CDI: CDI: 2013 H1 Results (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 $5.733 million
for the six month period ending 30 June 2013 (30 June 2012: $3.834 million).
Operating profit before tax was $7.962 million (30 June 2012: $5.325
million). Property sales and other income for the period was $15.816 million
(30 June 2012: $10.901 million). Net Asset Backing (at cost) as at 30 June
2013 was 40.5 cents per share (30 June 2012: 37.6 cents per share).
Portfolio update:
The Company's settled sales in the year to date have mainly come from its
developments in Auckland and Hamilton. The Company also recorded sales from
its developments in Hawkes Bay, Nelson and Queenstown. Sales made at
Rolleston (Stonebrook) will settle in the second half of this year.
Earthworks are scheduled to commence at the Company's Prestons Road
(Christchurch) site before the end of the year with sections to be made
available for sale in the first half of 2014.
Commentary and Outlook:
The Company has achieved strong sales in the first half of 2013 and is on
target to improve on its 2012 profit results this year. The Board is
conscious that the current momentum needs to be sustained and is looking at
how the Company's current land holdings can best be utilised.
Wong Hong Ren
Chairman
31 July 2013
End CA:00239136 For:CDI Type:HALFYR Time:2013-07-31 10:14:07
