MANOJa

Mumbai: Real estate developer Oberoi Realty today posted a 50.26 per cent dip in net profit to Rs. 102.07 crore for the quarter ended December 31, as against Rs 205.23 crore in the year-ago period.
The total revenues for the period stood at Rs 218.26 crore, a 48 per cent dip, as compared to Rs 420.40 crore in the corresponding period last year.

"Given the challenging market conditions over the last few quarters, we are satisfied with our performance. The volume growth that we have seen during this fiscal year is reflective of the confidence that the customers repose in our product and in our known financial and operational capability to deliver that product," Oberoi Realty Chairman and Managing Director Vikas Oberoi said in a statement issued here today.

He said, the company will continue to focus on its financially prudent practices in land acquisitions, as well as in operations.

"The Government is a key partner for all businesses and we welcome the rule-based and non-discretionary policy measures brought in by the authorities, which will level the playing field for all developers," he said.

The Oberoi Mall contributed Rs 19.70 crore to the operating revenue for the period, as against Rs 18.23 crore in Q3FY11, while the Commerz contributed Rs 10.73crore as against Rs 11.42 crore.

Oberoi's Westin Mumbai Garden City contributed Rs 24.82 crore to the operating revenue for the Q3FY12 as against Rs 21.98 crore in the year-ago period.


Oberoi Realty net down 50% to Rs 102.07 cr