Calgro profits up 30% after unit sales

JSE-listed property and private memorial park developer Calgro M3 recorded a 28.5% rise in headline earnings per share (Heps) for the six months ended 31 August.

However, the group opted to declare no dividend for the period under review.

Its interim results were announced on Sens on Monday.

“The board announced the introduction of the inaugural dividend policy in the financial year ending 29 February.

“The policy provides for dividends to be paid annually, calculated at a minimum of 5% of the Heps. No dividends were declared during the current interim reporting period,” it noted.

Calgro's share price dipped over 10% on the day to R6.60 at around 11am on Monday.