The West

Cedar Woods managing director Paul Sadleir.
Cedar Woods managing director Paul Sadleir.

Shares in Cedar Woods were firmer after the property developer posted a 64 per cent jump in unaudited first-half net profit after tax to $18 million and lifted its full-year profit guidance.

The company now expects to post full-year after tax profit of $35 million, up from $34 million previously.

Cedar Woods attributed the better than expected performance to settlements at its WA and Victorian projects.

Cedar Woods managing director Paul Sadleir said the company's projects continued to benefit from buyer demand for well-located properties in urban and regional growth areas.

"Recent cuts to interest rates have improved housing affordability and we expect this to further improve consumer confidence and provide a boost to sales in 2013," he said.

The company's debt/equity ratio had improved from 2 per cent at the end of last financial year to 12 per cent at the end of last calendar year.

Cedar Woods expects to release its final audited half year results on February 26.

Shares in the company were up 12 cents, or 2.43 per cent, to $5.05 at 8.05am.

The West Australian

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