Cedar Woods Properties Limited (ASX:CWP) expects its FY2020 NPAT to range in between A$20 million to A$21 million, which reflects the pandemic-triggered delay of substantial settlements.
At the end of June 2020, the company had nearly A$360 million in presales, which was A$330 million in the previous corresponding period.
CWP’s FY2020 ended with moderate gearing of net bank debt to equity of ~38%. It has corporate bank facility headroom of $68 million and is well positioned to continue to finance the development of its portfolio and execute growth initiatives.
Other than this, the company has secured conditional deal to acquire 28.55 hectares of land in Burpengary, which would depend on the approval from CWP’s Board.