Listed property developer Cedar Woods Properties has doubled its profit for the half year to December 31, after securing better project margins.
Net profit after tax was $18.1 million, up 100 per cent from the previous $9 million.
Revenue remained steady at $77 million.
It found cost savings in lower development expenses, through cheaper contractors.
It is developing in four states, including the recently acquired a 3.81-hectare infill site approved for 279 dwellings in Wooloowin, Brisbane.
It has announced the expansion of the Williams Landing Shopping Centre, in western Melbourne which opened in December 2014, comprising a Woolworths supermarket, 21 specialty stores and 1,800 m2 of office space.
Cedar Woods is constructing a $6.5 million expansion of the centre. It noted strong price growth on residential lots was being achieved resulting in the higher margins.
The expansion will include a 106-place childcare facility managed by Future Kids and around 1200 square metres of ground floor retail space.
The expansion will be financed by a $30 million facility provided by Bankwest, to fund the expansion and also refinance the existing $23 million development facility that was arranged to build the Williams Landing Shopping Centre in 2014.
