Residential developer Cedar Woods reported its lowest full-year profits in a decade after COVID-19 reduced demand for new housing and pushed settlements that were expected to occur before the end of the 2020 financial year into July and August.

However, with the developer holding $360 million of presales as of June 30, of which about two-thirds are due to settle this financial year, and with sales also rising strongly on the west coast since June due to significant housing stimulus, earnings are expected to rise strongly this financial year — though no guidance was provided.