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CDL Investments Delivers Another Positive Result

1 August 2006

CDL Investments Delivers Another Positive Result

Property development and investment company CDL Investments New Zealand Limited (CDLI) today announced its (unaudited) results for the six months to 30 June 2006.

* Operating profit after tax $3,797,000 (2005: $3,109,000)
* Operating profit before tax and minorities $5,739,000 (2005: $5,056,000)
* Property sales and other income $11,944,000 (2005: $9,374,000)
* Shareholders Funds $67.6 million (31/12/05: $64.6m)
* Total assets $69.0 million (31/12/05: $66.5 m)
* Net tangible asset value 30.9c per share (31/12/05: 30.7c)

Commenting on the results, Chairman Mr. H R Wong said, "The increase in revenue and profit reflects the momentum generated both in the second half of 2005 as well as the positive activity seen to date".

Executive Director John Lindsay said, "CDL Investments has delivered another good result. I am particularly pleased with the increase in our revenue given that the property market is on a downward cycle. In general, the residential market is coming off historic highs and factors such as increases in mortgage interest rates conditions need to be factored in".

Mr. Lindsay also signaled that the Company was looking carefully at the markets that it traded in to maximize value and returns. "Our success to date has been due to sound management of a geographically diverse and well-positioned portfolio. While CDL Investments has historically focused on the residential market, we are also starting to look at how we can further maximize returns on our land assets and we have commenced initial feasibility work on a number of options for diversification and investment", he said.

Mr. Lindsay said that the Company would continue to monitor trading conditions carefully and look to retain its market share. "We are confident we can deliver another positive result for 2006", he said.


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