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Rise in Omaxe’s Profit
| November 2, 2009 |  (Be the first to rate this story!) Loading ... |
Realty firm Omaxe on Saturday reported 10.45 per cent jump in consolidated net profit for the quarter ended September 30 at Rs 22.51 crore, bucking industry trend of real estate giants posting dip in bottomline. The company had posted a net profit of Rs 20.38 crore in the corresponding period last fiscal, Omaxe said in a statement.
Total income during the second quarter rose 9.75 per cent to Rs 223.92 crore from Rs 204.03 crore in the year-ago period, it added. Real estate companies have suffered severe blow due to the economic recession that started last year. Most of the firms have reported huge decline in profit margins during the second quarter of this fiscal. The country’s largest player DLF reported 77 per cent decline, while its rival Unitech’s bottomline contracted by 50 per cent for the quarter ended September 30.
The net profit of Housing Development & Infrastructure Ltd (HDIL) and Sobha Developers also dipped 44 per cent and 38 per cent respectively. However, Delhi-based Parsvnath Developers registered a nearly three-fold jump in net profit for the quarter ended September 30 mainly due to equity sale in one of its projects in the national capital.
News Published Under: Real Estate India |
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