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Johannesburg - Housing developer Calgro M3 Holdings (CGR) advised on Tuesday that its headline earnings per share (Heps) for the year to end-February 2009 is expected to be between 33% and 43% lower than that reported for in the previous corresponding period.
In addition, Heps for the 2009 financial year is also expected to be between 60% and 70% lower than the forecast Heps as set out in the listing prospectus issued on 8 November 2007.
Earnings per share (EPS) are expected to be between 55% and 65% lower than those reported for in the previous corresponding period and EPS for the 2009 financial year are also expected to be between 73% and 83% lower than the forecast EPS as set out in the listing prospectus issued on 8 November 2007.
The company said adverse market conditions which has resulted in a change of lending criteria by banks for end users, negatively impacting the building industry as well as a time delay on both the Pennyville and Fleurhof projects, have resulted in a substantial slowing in turnover and a tightening of margins in the affordable housing sector since the second quarter of 2008.
- I-Net Bridge
