TRADING UPDATES
Why Balwin Properties' earnings are still under pressure
The earnings of the largest sectional title developer in the country, Balwin Properties, are still under pressure about two years after it listed. But CEO Stephen Brookes says the company is on track to have a bumper 2019 financial year, having managed slowdowns. In the past year, Balwin has struggled with delays in obtaining town planning and local authority approvals for the commencement of construction of five of its developments, the group said in a trading statement on Wednesday. It expected its headline earnings per share for the year to February to be between 23.18% and 29.58% lower than a year before and earnings per share to be 23.21% and 29.61% lower. Delays affected the development of The Whisken in Kya-lami, The Blyde in Pretoria East, Ballito Hills in KwaZulu-Natal, The Jade in Somerset West and Green Park in Boksburg. Balwin expected to hand over 2,080 apartments for the 2018 financial year compared with 2,711 in the previous year. Brookes said even though the delays h...
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