Cedar Woods Reported Solid Q1 FY20 Results

  • Nov 04, 2019 AEDT
  • Team Kalkine

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.

 

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