Omaxe Q3 net profit down 14% at Rs 13.92 crore

Realty firm Omaxe on Thursday reported 14 per cent decline in its consolidated net profit at Rs 13.92 crore for the quarter ended December 2014 on lower sales.

New Delhi: Realty firm Omaxe on Thursday reported 14 per cent decline in its consolidated net profit at Rs 13.92 crore for the quarter ended December 2014 on lower sales.

Its net profit stood at Rs 16.25 crore in the year-ago period.

Income from operations fell by 10 per cent to Rs 307.71 crore in the third quarter of this fiscal compared to Rs 342.04 crore in the corresponding period of previous year, Omaxe said in a statement.

Omaxe CMD Rohtas Goel said: "Fresh bookings have slowed with 1.18 million sq ft of booking during the quarter ended December."

"Sales have not been on expected lines primarily due to a dull festive season on account of challenging economic scenario. Despite the formation of a stable Government and various reforms announced, demand remained subdued," he added.

Goel saod the company would focus on new launches and delivery in projects in New Chandigarh, Lucknow, Noida amongst others.

"We expect the demand scenario to improve in the next 3-6 months," he added.

Omaxe has presence in 9 states across 30 cities. With about 92.6 million sq ft of delivered space in both real estate and construction contracting, the company is currently undertaking 42 real estate projects - 14 group housing, 18 townships and 10 commercial.

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