Affordable housing developer Calgro M3 says a reduction in its hefty debt load as well as asset sales helped underpin a “dramatic” second-half recovery in its year to end-February.

Calgro, which builds lower-income residential housing and develops and manages memorial parks, expects earnings per share to more than triple to as much as 15.3c, or a profit of about R20m, in its year to end-February. ..

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