Sobha Developers net rises 6%

Sobha Developers net rises 6%

Realty firm Sobha Developers has reported a 6.47 per cent increase in its third quarter (December 2012) net profit at Rs 52.6 crore as against Rs 49.4 crore during the corresponding period last fiscal.

Consolidated revenues were up 37 per cent at Rs 429.60 crore on a year-on-year basis. The company sold 0.90 million sq ft of new space at an average price of Rs 5,910 per sq ft.

In a statement, the Vice-Chairman & Managing Director of the company, J C Sharma said, “This has been the best quarter ever in terms of cash realisation from our operations.”

As of December 31, 2012, the company completed 83 real estate projects and 224 contractual projects covering about 54.45 million sq. ft.

The statement added that the company was confident of selling 3.75 million sq ft and achieving consolidated revenues of Rs 2,000 crore for fiscal 2013.

The company currently has 43 ongoing residential projects aggregating 24.18 million sq. ft. of developable area and 17.40 million sq. ft. of super built-up area, and 39 ongoing contractual projects aggregating to 10.06 million sq. ft. under various stages of construction.