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Cedar Woods managing director Paul Sadleir. Picture: Sharon Smith/The West Australian.
Cedar Woods managing director Paul Sadleir. Picture: Sharon Smith/The West Australian.

UPDATE 1.55pm: Property developer Cedar Woods has lifted its first-half profit by 13 per cent to $20.5 million, driven by solid sales at its residential estates in Perth and Melbourne.

The result was achieved on revenue of $102.1 million, up 39 per cent on the previous corresponding period.

Cedar Woods declared a fully-franked interim dividend of 12 cents a share, up from 11 cents previously and based on the company's 50 per cent payout policy.

The company said its balance sheet remained strong with net debt of less than $50 million and a debt-to-equity ratio of 21 per cent.

Managing director Paul Sadleir said the first half has been focused on delivering stages at a number of established projects in Perth and Melbourne, as well as adding to the company's portfolio to build future earnings.

"By maintaining a disciplined approach to project delivery and acquisition, Cedar Woods has enjoyed a strong first half performance and is well placed to achieve a record full year net profit," he said.

During the first half, Cedar Woods extended its portfolio with acquisitions in WA (Byford on the Scarp) and Victoria (Clayton South), and continued to unlock value at its landmark Williams Landing project in Melbourne.

Cedar Woods maintained full year earnings guidance of about $40 million, based on prevailing market conditions continuing.

Shares in the company closed down 31 cents, or 4.16 per cent, at $7.15.