Cedar Woods Properties Ltd. reported unaudited earnings results first half year ended December 31, 2012. For the period, the company reported net profit after tax of approximately $18.1 million, an increase of approximately 64% from $10.9 million in the previous corresponding period. Revenue was $73.5 million compared to $77.7 million a year ago. The strong first half performance is attributable to the successful completion of settlements at a number of significant stages in the company's western Australian and victorian projects, and represents just over half of the anticipated full year profit. Net operating cash flow used was $13.8 million compared to $0.8 million a year ago. Payments for new land acquisitions were $4.4 million against $22.6 million a year ago. Net bank debt as of December 31, 2012 was $23.3 million against $3.8 million as of June 30, 2012.

The company has increased its NPAT guidance for fiscal 2013 from $34.25 million to $35 million. Strong first-half sales volumes are expected to continue into the second half of fiscal 2013, driven by demand from first home buyers.