CDL prospects good for 2005, says chairman

CDL Investments chairman Tsang Jat Meng is confident the company is well positioned for another good year.

He told shareholders at the company's annual meeting in Auckland today that 2005 had started positively for the company.

"Although there are indications that the property market is cooling, the board believes that the company is well positioned with a portfolio of sections in good locations and the board remains positive about the prospects for the rest of 2005," he said.

So far this year the company has bought two development sites comprising 10.5 hectares, one in Hamilton and one in Auckland.

The company posted a net profit of $8.477 million for the year ended December, up 28.5 per cent on the previous year.

Shares in the company last traded yesterday at 34c, having traded between 26c and 43c over the past 12 months.

- NZPA