Housing group Calgro M3 expects turnaround

CAPE TOWN – Listed housing and memorial parks group Calgro M3 said yesterday that it expected to report a turnaround in the year to February 29, following its restructuring.

It said in a trading statement that headline earnings per share would be 0.65-2.89 cents per share for the year, representing an increase of 103.2-114.2percent compared to a restated headline loss a share of 20.30c for 2019.

Earnings per share would be 3.70-3.98c, an increase of 46.3-57.3percent compared to the earnings per share of 2.53c for the year ended February 28, 2019.

“Good progress has been made to return the business to profitability and positive cash generation,” the directors said.

Cash generated from operations increased by 55.6percent. Cash balances increased by 108percent to R255.1million as at February 29.