VAT increase eats into Balwin Properties’ margins

SA’s largest seller of sectional title property, Balwin Properties, said on Wednesday that tough market conditions and a different product mix eroded its profit margins in its financial year to end-February.

Headline earnings per share fell 8% to R95.82 compared to the prior period, but the group’s net asset value per share rose 15% to 567.51c and revenue rose 6% to R2.6bn. The company’s gross profit margin for the year to end-February was 30.1%. Although this represents an increase from the 27.3% reported for the interim period, the margin has decreased from 32.8% in the previous financial year.

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