CDL profits grow

Listed property company CDL investments have reported good profit growth in the full 2011 financial year.

Profit after tax was up 31% from $2.9 million for the year ending December 31 2010 to $3.8 million for the year ending December 31 2011.

Profit before tax for the full-year 2011was $5.4 million, up 35% from $4 million for the full-year 2010.

At 31 December 2011 the independent value of CDL’s land holdings was $162.7 million up 2.1% from $159.4 million at 31 December 2010. No new land acquisitions were made during 2011.

CDL shares last traded on the NZX at 32c, with no movement.

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CDI could be an interesting company, if current top shareholder sold down around 20% of its holding. Seems that this is what is holding back the share price?. Opinions please.

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Who is the current top shareholder?

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Mil and Copthorne hotels.65% holding

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