A 33.6% jump in residential section sales lifted returns right through CDL Investments NZ Ltd in the June half, and flowed through to the returns for Millennium & Copthorne Hotels NZ Ltd (see separate story).
CDL Investments lifted its pretax operating profit by 89% to $22.16 million ($11.7 million), and after-tax by 87% to $15.95 million ($8.51 million).
Property sales & other income rose by 79% to $42.78 million ($23.89 million). Net asset backing (at cost) rose 14.3% to 54.4c/share (47.6c/share).
The company increased section sales by 33.6% to 171 (128). Company chair Wong Hong Ren said demand was strongest in Auckland & Canterbury. The company has completed the last stage of its Rolleston subdivision in Christchurch, Stonebrook, and expects to complete final sales by the end of 2016.
Mr Wong said the current level of sales activity should continue in the second half of the year.
Attribution: Company release.