Sobha Q3 Net Drops 47% on Lower Sales

Sobha Q3 Net Drops 47% on Lower Sales

New Delhi: Realty firm Sobha today reported 47 per cent decline in consolidated net profit at Rs 32.1 crore for the quarter ended December due to lower sales. 

The Bengaluru-based developer had posted a profit of Rs 60.1 crore in the year-ago period. 

Income from operation fell by 42 per cent to Rs 399 crore during the third quarter of this fiscal from Rs 684.4 crore in the corresponding period of the previous fiscal, the company said in a regulatory filing. 

"The downturn in residential space continued in fiscal 2016 with no imminent trend reversal in sight. Further, due to lower revenue recognition, the financial performance for the quarter was impacted," Sobha Ltd Vice Chairman and Managing Director J C Sharma said. 

Sobha shares today closed 1.46 per cent down at Rs 286.15 apiece on the BSE.