Cedar Woods Properties Limited
(ASX:CWP) has upgraded its first half net profit to approximately $18 million unaudited, a 64 per cent increase on the previous corresponding period.
The property developer has increased its full year guidance from $34 to $35 million.
Cedar Woods says the strong first half performance comes on the back of successful completion of settlements at a number of its Western Australian and Victorian projects.
CEO Paul Sadleir says the company is confident of delivering its earnings guidance for the full year, as projects in WA and Victoria continue to benefit from buyer demand for well located properties.
Mr Sadleir believes recent interest rate cuts have improved housing affordability, which Cedar expects to further improve consumer confidence.
Cedar Woods delivered a net profit of $34.2 million for the 2012 financial year.
