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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.

More by Conor O'Brien

Comments and questions
3

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.

Who is the current top shareholder?

Mil and Copthorne hotels.65% holding