Cedar Woods Properties Ltd Forecasted for Record FY17 NPAT
Forecasted for Record FY17 NPAT: Cedar Woods Properties Ltd (ASX: CWP) has witnessed a stock price fall of 11% in last one month (as at April 20, 2017) owing to sector-driven volatility. On the other hand, net profit after tax for the first half of the 2017 financial year was reported to be $3.0 million, and the group expects a majority of the settlements for FY2017 to occur in the second half. CWP has enhanced its forecast for FY2017 to a record NPAT of $45 million. This has found support from record pre-sales of $274 million (against presales of $176 million at the same time last year), the majority of settling to occur in the second half of the financial year, with the balance in FY2018 and FY2019. The group is progressing well on its long-term strategy of geographic diversification, with the expansion efforts (such as in South Australia). Construction is expected to commence at many new projects – including Oxford Apartments, Wattle Apartments and St. A in Melbourne, and Millars Landing and Forrestdale in Perth.
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