Cedar Woods Properties Ltd. has upgraded its full year net profit after tax (NPAT) guidance for fiscal year 2013 to a record $36 million, compared to the fiscal year 2012 NPAT result of $34.25 million. The company is confident of achieving a record profit result for the fiscal 2013. The outlook for the company remains positive, with approximately $95 million in presales currently secured for fiscal year 2014. The company's WA project portfolio witnessed continued positive demand during the third quarter of 2013, driven by the state's strong economy and population growth, low interest rates, and a shortage of established properties available for rent and purchase. At The Rivergums in Baldivis, Stage 9A (77 lots) was pre-released in November 2012 and is now more than 75% sold. The release schedule for Stage 9B (61 lots) has been advanced to meet this continued strong demand, with settlements expected in fiscal year 2014 Sales at the company's syndicated Emerald Park project in Wellard have progressed well. Construction of Stage 5 of the project, which began ahead of schedule due to strong buyer interest, is due for completion in September 2013. Improved local conditions in Mandurah have benefitted Cedar Woods' Mariners Cove project, with the sale and settlement of 30 canal lots expected in the current financial year. Other estates at Piara Central, Harrisdale Green and South Hedland are progressing as planned, as is construction at the Batavia Coast Marina in Geraldton. Planning is well advanced to launch Cedar Woods' recently acquired 32.3 hectare site in Byford in the first half of fiscal year 2014. The project is expected to yield 350 lots. Cedar Woods has also recently acquired a 40 hectare site in Brabham in the City of Swan's north eastern urban growth corridor. The site has the potential for more than 350 lots and planning approvals are well advanced. Brabham is close to both Ellenbrook (4 kilometres) and Midland (10 kilometres) town centres, and 22 kilometres northeast of Perth's CBD. The company’s Victorian projects performed well during the third quarter, recording strong sales across the portfolio and reaching a number of important construction milestones. At Williams Landing, construction is progressing well. The project's Town Centre, which includes the Masters Home Improvement store, has been integrated with the new train station and freeway interchange which will officially open on 28 April 2013. Major roads and other infrastructure in the town centre are also nearing completion. This progress is generating additional interest in residential and commercial opportunities at the project. The 6.8ha St Albans development site rezoning process has progressed well with no objections received to the recent public exhibition process. The rezoning is now expected to be completed six months ahead of schedule, by November 2013.

The Board of Cedar Woods Properties Ltd. has declared a fully franked interim dividend of 11 cents per share payable on April 30, 2013. The dividend record date is April 5, 2013.

Cedar Woods Properties Ltd., H1 2013 Earnings Call, Feb 26, 2013