Property developer Balwin Properties cut almost a third off its final dividend, as delays in obtaining approvals to start new developments affected sales and profits.Revenue fell 9% from a year earlier in the year to end-February 2018, to R2.5m from R2.7m, while net profit fell a steeper 26%. The group had warned of these declines in a trading update on February 28.A final dividend of 21c per share was declared on Monday, down 32% from the final dividend of 31c per share declared for financial 2017.After-tax profit fell to R491.3m from R660.7m a year earlier. Total comprehensive income for the year, after foreign exchange translations, was R492m from R660.3m.Basic earnings per share of 104.56c compared with 140.64c a year earlier, while diluted earnings per share (EPS) fell to 104.06c from 139.96c.Balwin develops primarily residential estates in the mid to upper bracket of the market, and recently added a fibre unit to diversify its income stream.The bureaucratic delays affected 696...
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