Covid-19 lockdown cuts Balwin Properties’ profit by more than 50%
SA’s largest sectional title developer halted construction activity in late March and gradually resumed in June
SA’s largest sectional title developer, Balwin Properties, said on Monday its profit dropped by more than 50% in the six months to end-August as Covid-19 affected its construction activity.
The company reported a 56% drop in profit to R81m while revenue decreased by 35% to R930m.
Balwin Properties halted construction activity in late March, at the start of the national lockdown, and gradually resumed in June after a move to level 3.
Headline earnings per share dropped 56% to 17c during the period while net asset value per share rose 9% to 631c. The company declared an interim dividend of 19.6c compared with 11.7c in the previous period.
Balwin handed over 896 apartments during the period, a 32% decrease from the comparable period.
The developer recently launched the Mooikloof Mega City in Pretoria, the largest sectional title development in SA, that will include 50,000 housing units.
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