New Zealand Limited Profit Jumps 28.5%

CDL Investments New Zealand Limited Profit Jumps 28.5%

18 February 2005

Property development and investment company CDL Investments New Zealand Limited (CDLI) today reported a 28.5% jump in net profit after tax to $8,477,000 for the year ended 31 December 2004.

Managing Director Mr Tsang Jat Meng, said that, despite a fall in revenue, this was a very pleasing performance from the 61.48% owned subsidiary of CDL Hotels New Zealand Limited.

“The New Zealand property market remained buoyant during 2004 and we were able to capitalise on this,” he said.

Noting that CDLI has a property portfolio that stretches from Auckland in the North Island to Queenstown in the South Island, Mr. Tsang said that the Company had had the benefit of favourable market conditions across its entire property portfolio.

“A feature of our result is the significant increase in the value of our property portfolio from $63,070,000 to $107,805,000. So we have been able to sell profitably and at the same time buy well”.

Executive Director John Lindsay said that the Company would continue to look for appropriate acquisitions to boost future earnings.

Mr. Tsang said that CDL Investments New Zealand Limited has come a long way since 1993 when CDL Hotels New Zealand bought its cornerstone stake. “CDLI is a focused property and investment company. It is positioned well and we believe it will continue to perform strongly during 2005”.

ENDS

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