The West

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

Developer Cedar Woods Properties has defied challenging conditions in the sector to notch up a record $34.25 million annual net profit.

Cedar Woods Properties' profit after tax rose 22.1 per cent to $34.25 million in the year to June 30, from $28.06 million in the corresponding period last year.

Revenue rose 29 per cent to $170.5 million, from $131.8 million the year before.

Managing director Paul Sadleir said the company had recorded strong profits by focusing on growth regions despite a "mixed macroeconomic backdrop".

He said demand continued to be healthy for properties in the company's main focus markets of Victoria and WA.

In WA, demand was being driven by resources sector, while in Victoria, it was underpinned by a population growth from immigration.

The company said it expected another profitable year ahead, backed by strong presales of around $140 million, up $10 million from last year's presale figures.

It plans to add to its property portfolio and launch additional property joint ventures.

"The solid balance sheet, strengthened by the recent capital raising, provides the financial capacity to fund the development of our portfolio including four new projects and to continue to grow our project pipeline," Mr Sadleir said.

The company will pay a fully-franked dividend of 14 cents per share, reflecting a full year dividend of 25 cents per share.

Shares in the company were down seven cents, or 1.77 per cent, to $3.89 at 10.30am.

The West Australian

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