newsBusinessLive reports that property group Calgro M3 said on Monday it would be cutting staff and disposing of various projects amid an intensifying focus on cash preservation.  

Its share price has lost almost two-thirds of its value so far in 2019.  The group, which focuses on residential developments and also develops and manages memorial parks, reported a headline loss of R4.1m in the six months to end August, from a R4m profit previously.  It said it has deliberately slowed development activity amid SA’s unstable political and economic environment.  The group would continue to preserve cash, it said, and would be disposing of projects that were capital intensive and yielded lower-than-expected returns.  The company also intends to settle debt early and will reduce staff and administrative expenses.

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