City Forests delivers top results
Wednesday 13 Mar 2019Dunedin City Holdings Ltd Group has reported a pre-tax profit of $2.882 million for the six months to December 2018 - Dunedin City Holdings Chair Keith Cooper says the Group is pleased to show a positive financial result once again. “Our half year result is in line with our budget projections. Our strong operating cash flow will continue to provide a stable basis for the Group.”
The group’s financial result is driven by a continued strong performance by City Forests Ltd, and supported by a continued reduction in the cost of funds across the Group.
City Forests Ltd recorded a pleasing six monthly profit before tax of $7.3m for the period, $1.6m ahead of budget, primarily driven by above budget returns from log sales in strong domestic and international markets. City Forests paid a dividend of $2m to Dunedin City Holdings Ltd in December 2018.
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