JSE-listed Balwin Properties expects to report a 23% to 28% year-on-year decrease in headline earnings a share and a 23.21% to 28.19% year-on-year decrease in earnings a share for the year ended February 28.
Balwin said in a trading statement on Wednesday that it has experienced delays in obtaining town planning and local authority approvals for the start of construction on certain new developments around the country.
The delays have had an impact on the development of The Whisken, in Kyalami; The Blyde, in Pretoria East; Ballito Hills, in KwaZulu-Natal; The Jade, in Somerset West; and Green Park, in Boksburg.
“Management, together with its team of professionals, have continued to engage with the local authorities to expedite the approval processes. Four of these developments have now been approved to start construction and the remaining approval is imminent,” the company said.
These delays have affected a total of 696 apartments.
Balwin’s financial results will be released on or about May 14.