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FINANCIAL INFORMATION MARKET OVERVIEW LAND INVESTMENT AND DEVELOPMENT

Source: www.mckhotels.co.nz
Topic: Land Investment

Sort Desciption: LAND INVESTMENT AND DEVELOPMENT. Land based investment and development activities continue to be the predominant profit. provider for the Group. ...

Content Inside: CDL Investments New Zealand Limited CHAIRMAN’S REVIEW FINANCIAL INFORMATION The Directors of CDL Investments New Zealand Limited (“CDLI”) announce an unaudited operating profit after tax for the six months ended 30 June 2001, of $1.4 million, down 40% from the corresponding period in the previous year. Total revenue was $11.3 million, an increase of 3% from last year. The decrease in NPAT is due to the majority of sections sold being low-margin stock whereas last years results were influenced by 18 high value, high margin sales at Waimanu Bay. Shareholders funds as at 30 June 2001 were $40.8 million and total assets stood at $55.1 million. The net tangible asset value was 22 cents per ordinary share. MARKET OVERVIEW For the first half of the year consumer confidence continued to strengthen which is in line with a positive and improving economy. Factors contributing to this recovery in confidence could be attributed to low interest and exchange rates, which brought about strong earnings from the export sector. This lift in confidence was reflected in the company achieving strong section sales especially in the lower value sector. By June however, the New Zealand property market appeared to have peaked. The international outlook was showing signs of further deterioration, which is creating uncertainty and nervousness in our volatile economy. The property market mirrored this lift in business confidence when residential Real Estate companies reported improved levels of turnover, stabilised prices and general lift in confidence in residential investment. However as the year progressed, economists started to report conflicting forecasts on the strength of the economy, which suggested an early warning that the short-lived recovery had peaked. Further to this, the well-publicised collapse of several large construction companies put a huge burden on subcontractors, banks and the building industry alike. Builders and lenders now remain very cautious ...

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