Calgro M3 profits increase‎

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JSE property developer Calgro M3 Holdings has reported that its diluted headline earnings per share lifted to 51.44 cents for the year ended 29 February 2012 from 13.48 cents before.

Headline earnings moved up 282% to R65.4 million, while property fair value moved to R1.385 billion versus a cost of R506 million.

After almost five years of listing on the AltX, the group has moved to the main board of the JSE.

The lower segment of the residential market proved to be stronger than the higher segment of the market.

"The challenge for the group this year will be to provide itself with more serviced stands at a pace dictated by market demand rather than the ability to raise development finance," the company said.

The mid-to-high income housing segment of the market did not recover to the levels of 2007 and as a result the projects acquired for this market segment did not contributed to revenue or gross margins during the year.


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Listed Property / REITs  |  Residential Property Market  |  Calgro M3 (CGR)  |  Ben-Pierre Malherbe