Property developer Cedar Woods (ASX:CWP) held their annual general meeting and reported a net profit after tax of $20.9 million down 57 per cent on last year’s profit.
The major reason for the reduction in profit was that revenue was down 30 per cent, reflecting the impact of Covid 19, in particular the deferral of settlements into FY21.
They have started 2021 financial year strongly, increasing presales to $454 million at the end of the first quarter, inclusive of Q1 settlements.
This compares to $409 million at the end of the first quarter of FY20 and provides a strong platform for the financial years ahead.
Shares in Cedar Woods (ASX:CWP) closed 0.17 per cent higher at $5.74 yesterday.