Cedar Woods Properties (ASX: CWP) expects NPAT of AUD 36-39mn in FY24

Tue 07 May 24, 06:25 AM | Team Kalkine

Image source: Golden Dayz

Highlights

Cedar Woods Properties focuses on property investment and development ventures within Australia

In 1HFY24, CWP’s profit before tax fell by 78.5% YoY to AUD 2.8 million

Hames (William George) has the maximum stake in the firm with a shareholding of 13.36%

Cedar Woods Properties Limited (ASX: CWP) is an ASX-listed firm with focus on property investment and development ventures within Australia. The company actively participates in the development of residential, commercial, and retail properties across Western Australia, South Australia, Victoria, and Queensland.

In the first half of financial year 2024 (1HFY24), gross profit of CWP declined by 14.8% YoY to AUD 32.3 million, and profit before tax decreased by 78.5% YoY to AUD 2.8 million. The period recorded a fall in revenue because of lower value land settlement. Lower revenue, accompanied by higher finance cost resulted in lower profit in 1HFY24.

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