DEVELOPER Cedar Woods Properties has notched up a record profit of $34.25 million despite challenging conditions in the residential property market.
Profit after tax for the Victorian and West Australian-based business rose 22 per cent in the year to June 30, up from $28.06 million the previous financial year.
Revenues rose 29 per cent to $170.5 million, up from $131.8 million.
Managing director Paul Sadleir said the strong result was achieved by focusing on urban and regional growth areas across a range of dwelling types and price points. Market conditions were ''challenging and variable from month to month'', reflecting consumer concerns on a range of issues, Mr Sadleir said.
Despite that, he expected demand to remain healthy in WA and Victoria in the coming year, underpinned by the resources boom in the west and population growth in Melbourne.
The company said it expected another profitable year ahead, backed by strong presales of about $140 million, up $10 million from last year's presale figures.
Presales at the company's largest Victorian project, Williams Landing, were at 56 per cent of this year's target. Other projects, Banbury Village and Realm Camberwell, were at 88 per cent.
The company will pay a fully franked final dividend of 14¢ a share, resulting in a full-year dividend of 25¢ a share.