SA’s largest sectional title developer, Balwin Properties, said on Monday its profit dropped by more than 50% in the six months to end-August as Covid-19 affected its construction activity.
The company reported a 56% drop in profit to R81m while revenue decreased by 35% to R930m.
Balwin Properties halted construction activity in late March, at the start of the national lockdown, and gradually resumed in June after a move to level 3.
Headline earnings per share dropped 56% to 17c during the period while net asset value per share rose 9% to 631c. The company declared an interim dividend of 19.6c compared with 11.7c in the previous period.
Balwin handed over 896 apartments during the period, a 32% decrease from the comparable period.
The developer recently launched the Mooikloof Mega City in Pretoria, the largest sectional title development in SA, that will include 50,000 housing units.
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