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Sobha Developers report net profit of Rs 50 crore for Q2

Posted on Nov 02, 07:44PM | UNI

Realty major, Sobha Developers Ltd, on a consolidated basis, today reported a turnover of Rs 4.16 billion for the second Quarter of FY 2012-13, which ended on September 30,2012, up by 40 per cent year-on-year.

Profit after tax at Rs 50 crore on a consolidated basis for the period was 47 per cent higher when compared to the previous year's performance during the same quarter, the Company said in a release here.

During the quarter of the fiscal, Sobha sold 0.95 million sq.

ft of new space valued at Rs. 5.27 billion at an average price realisation of Rs. 5,575 per sq. ft.

This has been the best quarter in terms of new sales in the history of the Company, the company claimed.

The average sales price realisation has also improved to Rs.

5,575 per sq. ft. as compared to Rs. 5,188 per sq. ft. in the year-ago period.

Commenting on the current market scenario, Mr. J.C. Sharma, Vice Chairman and Managing Director, Sobha Developers Limited, said, 'the current situation is promising as banks have slashed their home loan charges and are offering competitive interest rates.

'The pre-payment charges have also been abolished and there is increased afford ability now. We believe that the industry is emerging from the recessionary impact and moving towards consolidations and improvement in volumes.

'As far as Sobha is concerned, we have already achieved more than Rs 10 billion of new sales. We remain bullish about our growth in the next six months.'.