Property developer Calgro M3 says it sees a further loss of more than 87% in the year to end August with the suspension of construction activities expected to weigh on revenue.
The affordable housing developer said on Tuesday it expects headline losses per share of 26c-26.60c compared to a headline loss of 3.24c in the comparable year. Losses per share will be 30.31c-30.61c.
The suspension of construction activities in the residential property development sector for three months due to the lockdown affected its revenue and resulted in sunk costs, the company said.
Costs related to the closure of its construction division were at R12.9m, while Covid-19 related costs and the associated standing time amounted to R35.8m.
The company’s full-year results are due on October 19.
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