Omaxe`s Q2 consolidated net profit up 10.45%

Last Updated: Saturday, October 31, 2009 - 19:34

New Delhi: Realty firm Omaxe today reported
10.45 percent 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 percent
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 percent
decline, while its rival Unitech`s bottomline contracted by 50
percent for the quarter ended September 30.

The net profit of Housing Development & Infrastructure
Ltd (HDIL) and Sobha Developers also dipped 44 percent and 38
percent respectively.

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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.

Bureau Report



First Published: Saturday, October 31, 2009 - 19:34

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