Cedar Woods Properties doubles profit for half year to December 2015

Cedar Woods Properties doubles profit for half year to December 2015
Cedar Woods Properties doubles profit for half year to December 2015

Listed property developer ALTONA NORTH has doubled its profit for the half year to December 31, after securing better project margins. 

Net profit after tax was $18.1 million, up 100 per cent from the previous $9 million. 

Revenue remained steady at $77 million.

It found cost savings in lower development expenses, through cheaper contractors.

It is developing in four states, including the recently acquired a 3.81-hectare infill site approved for 279 dwellings in WOOLOOWIN, Brisbane.

It has announced the expansion of the Williams Landing Shopping Centre, in western Melbourne which opened in December 2014, comprising a Woolworths supermarket, 21 specialty stores and 1,800 m2 of office space.

Cedar Woods is constructing a $6.5 million expansion of the centre. It noted strong price growth on residential lots was being achieved resulting in the higher margins.

The expansion will include a 106-place childcare facility managed by Future Kids and around 1200 square metres of ground floor retail space.

The expansion will be financed by a $30 million facility provided by Bankwest, to fund the expansion and also refinance the existing $23 million development facility that was arranged to build the Williams Landing Shopping Centre in 2014.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Company Profit Project Margins

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