and they did it again - another great result!
Gosh - didn't people say the property market is in the doldrums?
Half year results are out and looking sweet:
https://www.nzx.com/companies/CDI/announcements/305044
Quote:
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 2017 and announced an after tax operating profit of $20.39 million (2016: $15.95 million) on revenue of $51.04 million (2016: $42.78 million).
...
Financial Performance:
The Directors of CDL Investments New Zealand Limited (“CDI”) advise that the Company has made an unaudited after tax operating profit after tax of $20.39 million for the six month period ending 30 June 2017 (2016: $15.95 million). Operating profit before tax was $28.32 million (2016: $22.16 million).
Property sales and other income for the period was $51.04 million (2016: $42.78 million). Net Asset Backing (at cost) for the period under review was 62.8 cents per share (2016: 54.4 cents per share).
Revenue up 19,3%, NPAT up nearly 28% (up from a record result last year) and net asset backing up 15,4% ... and this only looking at the book value (resell value is significantly higher).
Discl: happy holder - I like uptrends ...:t_up: