Property developer Calgro M3 said on Monday it expected an improvement of more than 175% in headline earnings per share for the financial year ending February 2012 to 37.07 cents, from 13.48 cents a year ago.

Earnings per share are expected to be 36.69 cents compared with 13.34 cents previously.

Calgro said however that due to uncertainties with regards to the number of property registrations that would be registered in the deed office by the end of the period, it was unable to quantify the range of the increase in the HEPS and EPS with any degree of certainty.

"The increase in both HEPS and EPS is due to the pipeline of work announced on April 19, 2011.

"The group currently has in excess of 2 300 units under construction and are in the process of servicing in excess of 2 000 stands.

The group does not construct on risk and all units under construction have third party guarantees in place.

"It should be noted that not all of these units will be completed, handed over and registered before February 29, 2012 as the majority of these sectional title multi-story units take, on average, six months to construct," the group said.

Source: I-Net Bridge