CDI''s interim results for the period ended 30 June 2016 are attached to this
announcement. These include:
-NZX Appendix 1;
-(Unaudited) financial statements for the period ended 30 June 2016;
-Chairman''s Statement;
-Media Release.
CHAIRMAN''S REVIEW
-Financial Performance:
The Directors of CDL Investments New Zealand Limited ("CDLI") advise that the
Company has made an unaudited operating profit after tax of $15.95 million
for the six month period ending 30 June 2016 (2015: $8.51 million).
Operating profit before tax was $22.16 million (2015: $11.70 million).
Property sales and other income for the period was $42.78 million (2015:
$23.89 million). Net Asset Backing (at cost) for the period under review was
54.4 cents per share (2015: 47.6 cents per share).
-Portfolio update:
The Company sold a total of 171 sections in the year to date (2015: 128).
Demand was strongest in Auckland and Canterbury with additional sales from
the company''s Hamilton subdivisions also recorded. The company has completed
the last stage of its Rolleston subdivision (Stonebrook) and expects to
complete final sales by the end of 2016.
CDLI continues to develop further stages to meet demand. In the year to
date, work was being undertaken and completed at Greville Road (Auckland),
Magellan Heights (Hamilton), and Prestons Road (Christchurch) to allow for
additional sales later in 2016 and into 2017.
-Commentary and Outlook:
Sales activity in the year to date remains strong and this reflects continued
demand in the major centres in which CDLI operates. The current level of
sales activity should continue through into the second half of 2016 and will
therefore be reflected in the company''s results. We expect to better our
2015 results this year.
Wong Hong Ren
Chairman
3 August 2016
MEDIA RELEASE
CDL INVESTMENTS REPORTS A STRONG HALF YEAR RESULT
Property development and investment company CDL Investments New Zealand
Limited (NZX:CDI) today released its (unaudited) results for the six months
to 30 June 2016 and announced an operating profit of $15.95 million (2015:
$8.51 million) on revenue of $42.78 million (2015: $23.89 million).
"We are pleased that we have increased our half year performance", said CDI''s
Managing Director Mr. BK Chiu.
He noted that CDI had seen continued demand in Auckland, Hamilton, and
Christchurch where the company has its major subdivision projects.
"We are particularly pleased with the sales activity at our Greville Road
subdivision in Auckland and our Prestons Park subdivision in Christchurch.
These, as well as sales from our Hamilton projects, have bolstered our
results", he said.
He confirmed that CDI had sold a total of 171 sections in the six months to
30 June 2016.
Speaking to the second half of the year, Mr. Chiu said that the company
believed that the strong sales activity was likely to continue and would
therefore be reflected in the end of year results.
"Based on our current projections, we believe that CDI should be able to
better its 2015 results", he said.
ENDS
Issued by CDL Investments New Zealand Ltd
Any inquiries please contact:
B K Chiu
Managing Director
CDL Investments New Zealand Ltd
(09) 353 5077
End CA:00286675 For:CDI Type:HALFYR Time:2016-08-03 10:15:55