Cedar Woods Properties (ASX:CWP) reported a 23% increase in presales at the end of the third quarter, reaching over AU$700 million, from AU$570 million in the same period last year, according to a Wednesday filing with the Australian bourse.
Sales volumes at Queensland and Western Australia projects increased compared with the previous two quarters, while South Australia sales remained stable, the filing said.
Meanwhile, the sales volumes at projects in Victoria remained consistent with the previous four quarters.
The company upgraded its guidance, expecting the delivery of about 15% growth in fiscal-year net profit after tax over the full fiscal year compared with the previous fiscal year, per the filing.
Shares rose 5% in morning trade on Wednesday.
Price (AUD): $5.51, Change: $+0.28, Percent Change: +5.35%
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