Cedar Woods Profits up 21% to $12.4m
Another record full year profit * Earnings Per Share up 15% * Dividend of 12.0 cents per share, up 20% * Introduction of interim dividends * Forecasting $13.5m Net Profit for FY2006 Cedar Woods Properties Limited today announced a net profit of $12.4m for the year to 30 June 2005, an increase of 21% over the profit of $10.25m achieved in the previous year. Revenue was a record $75m, boosted by sales at the Company's new projects at Balcatta and Rockingham, WA. The company has delivered earnings per share of 23.3 cents compared to 20.2 cents in the previous year, an increase of 15%. The Company will pay a dividend of 12 cents per share on 21 October 2005, representing a 20% increase in dividend over the previous year. In addition the Company intends to pay its first interim dividend in April 2006 with the amount to be set by the Board after the December 2005 half year. The Company's record result in FY2005 is attributed to strong sales at existing residential projects at Mariners Cove, Mandurah, The Rivergums at Baldivis and The Kestrels in Wanneroo, combined with contributions from its new commercial project at Balcatta and the beach front Aria and Nautilus Apartments in Rockingham. The Company finished the year with a net bank debt / equity ratio of 68%, which is within the Company's preferred range of 20 - 75%. With $62.75m in finance facilities available, the Company is well positioned to fund its ongoing development and acquisition program. The Company's share price appreciated 36% through the financial year and the Company's market capitalisation is now approximately $140m. The Company made several key acquisitions in Perth's growth corridors during the financial year which have supplemented its property portfolio. The Company is well positioned to deliver growth in earnings for FY2006 and beyond. The reported financial results above are based on Australian Accounting Standards applicable in FY2005. In FY2006, new Australian Equivalents to International Financial Reporting Standards (AIFRS) will be introduced and these standards have been used in preparing the FY2006 forecast. Based on the current momentum within the property market, the Company is cautiously optimistic of meeting its 10% pa earnings per share growth target and achieving a net profit of approximately $13.5m for FY2006.