Property company CDL Investments said annual net profit rose 30 per cent, reflecting increased sales of sections in Hamilton and Canterbury.
CDL, which is 65 per cent owned by Millennium & Copthorne Hotels New Zealand, said net profit rose to $3.8 million in the 12 months ended December 31 from$2.9 million in 2010 while revenue rose to $11.7 million from $9.7 million.
"Increased sales last year were a welcome recovery from the past two years and we believe that this pattern will continue during 2012," managing director B.K. Chiu said. Demand remains primarily for lower-priced sections.
The company sold 77 sections during the year compared with 54 in 2010 and just 34 in 2009.
The value of the company's land portfolio rose to $162.7 million as at December 31 from $159.4 million a year earlier - the company didn't buy any new land during the year.
CDL will pay a fully imputed final dividend of 1.4c per share, up from 1.2c last year. CDL shares closed at 32c, down from the recent 34c high but up from 26c a year ago.
