Property developer CDL Investments New Zealand Ltd made a $1.68 million profit in the six months to June 30 but is cautious about trading in the second half.
The profit compared with $31,000 loss in the same period last year and was achieved on revenue of $5.7 million.
"Obviously the increase in bank deposit requirements and likely increases in interest rates over the coming months will affect our ability to sell residential sections in quantity," said managing director B.K. Chiu.
"Buyers will understandably exercise caution and review spending decisions and capital outlay so we do not believe that we will see the expected pick-up in the last quarter of the year."
He said there had been demand for lower-priced sections in key growth areas.
The company sold 32 sections in the year, compared with three last year.
