JOIN USReal estate developer Puravankara Projects on Thursday reported 14.55 per cent decline in net profit to Rs 58.25 crore for the first quarter ended June 30, 2014, as compared to Rs 68.17 crore in the corresponding period last year, citing delays in realising revenues.
Joint Managing Director, Ashish Puravankara said, “The decline was mainly due to delayed realisation of revenue from on-going and a few completed projects as well. This income would be reflected in the upcoming quarters.” However, the company reported that net profit had increased 126 per cent sequentially from Rs 26.84 crore in March, 2014.
Group CEO, Jackbastian Nazareth, said, “Our construction expenses this year have increased from Rs 134.31 crore in June last year to Rs 183.34 crore for the Q1 of this fiscal.”