A HIGH number of settlements on property sales at Martha Cove has resulted in a significant increase in revenue for CP1 Limited.
In the six months to December 2007, CP1 posted a net profit after tax of $4.57 million up from $638,000 in 2007.
In addition to the company’s Martha Cove project, CP1’s joint venture development of the Paradise Resort (Azzura Pacific Resort) has recorded strong pre construction sales with 80% of its first tower sold.
Construction of the $800 million project has commenced.
And the refurbishment of the Gold Coast International Hotel, a 50-50 joint venture between CP1 and Raptis Group has commenced.
The joint venture has prepared a long term master plan for the redevelopment of the site which has been lodged with the Gold Coast City Council for development approval.
CP1’s managing director Phil Sullivan said CP1 was confident the property market in growth areas such as South-East Queensland and
CP1 will pay shareholders an interim dividend of 3 cents per share partially franked to 33.33%.
CP1 shares closed 2 cents lower at 38 cents.
Australian Property Journal
