AFFORDABLE housing developer Calgro M3 has produced five consecutive years of profit growth, but indications are that dividend payouts remain some way off with growth funding taking precedence.Results for the year to end-February released on Monday showed Calgro recording a 38% gain in aftertax profits to R146m, which translated into headline earnings of almost 110c per share. If an expense related to share appreciation rights were stripped out, then Calgro would have shown earnings of more than 145c per share.Calgro’s shares were up more than 6% to R15.80 on the JSE on Monday.Alpha Wealth small cap expert Keith McLachlan said the numbers were commendable considering the prevailing tough trading conditions. "Management appears to be making the right strategic decisions, although it will be some time before these decisions show up in the numbers."Despite a stretch of solid profit growth chief financial officer Wikus Lategan said Calgro was likely to consider a dividend to shareholder...
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