Cedar Woods Properties Limited (ASX: CWP) has announced solid first-quarter results driven by sales across the portfolio and significant progress at a number of projects. Highlights of the results are as follows:
- Pre-sales of the company increased by 9 per cent to $409 million on the corresponding prior period.
- Three significant counter-cyclic acquisitions in Western Australia and Victoria Since July 1.
- Low Debt, strong Balance Sheet and substantial undrawn finance available to fund acquisitions and operations.
- Cedar Woods expects lower earnings in FY20 due to challenging market condition.
- The company expects two-thirds of pre-sales to settle in FY20 with balance contributing in FY21.
At AEST (01:00 PM), the stock was trading at $7.090, up by 1.286 per cent from the previous close.