Strong First Half Result for CDL Investments

6 August 2007

Strong First Half Result for CDL Investments

Property development and investment company CDL Investments New Zealand Limited (NZX:CDI) today announced its (unaudited) results for the six months to 30 June 2007.

*Operating profit after tax $7,566,000 (2006: $3,797,000)
*Operating profit before tax $11,278,000 (2006: $5,739,000)
*Property sales and other income $20,327,000 (2006: $11,944,000)
*Shareholders’ funds $81,912,000 (31/12/06: $74,681,000)
*Total assets $84,081,000 (31/12/06: $76,213,000)
*Net tangible asset value (per share) 35.5 cents (31/12/06: 34.1 cents)

CDI’s Chairman Mr. H R Wong said that the Board was happy with the first half results, “CDL Investments has performed well during the first half of 2007. In fact, the result is better than we expected”, he said.

Executive Director John Lindsay noted that the result came from demand seen in the latter half of 2006 and solid sales within the past six months. “Our results also show the benefits of having a well-positioned and geographically diverse portfolio in that demand has been seen across all sectors. Some markets are more active than others but generally speaking, we have not seen any reduction in market demand until now”.

Despite external factors such as recent increases in mortgage interest rates and a fall in immigration and consumer confidence, Mr. Wong said that the Company remained confident it would deliver another satisfactory result for 2007. “There are challenges ahead and the market is starting to slow down but we will be working hard to ensure to maintain a satisfactory level of sales and deliver another solid full year result for our shareholders”, he said.

ENDS

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