Property developer Calgro M3 had a disappointing year to end-February 2018, partly as a result of cash flow constraints slowing it down.Its main business is building residential developments, with government a primary client though it is diversifying into the private sector as well.Revenue increased 12% to R1.7bn, though after-tax profit declined 29% to R120.8m from R170.1m a year earlier.Headline earnings per share (HEPS) were down 32% to 90.12c but core HEPS rose 7% to 143.47c. The core figure includes the unrealised profit from units built for its private-sector real estate investment trust joint venture with Afhco, a subsidiary of SA Corporate Real Estate.Calgro has handed over 648 units — of a first tranche of 3,852 — to the joint venture since November. "The remaining units will be handed over in a staggered manner over the coming months, with Belhar delayed due to the slowdown associated with the water challenges in Cape Town," it said.Targets for this venture are for net pro...
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