Indian realty major Parsvanath Developers posted 41.55% decline in net profit for the second quarter ended September 30, 2011 at Rs 29.09 crore as compared to the same period last fiscal. Main reason was higher cost of construction and development,
During the same period last fiscal, the Parsvanath Developers's net profit was at Rs 49.77 crore.
According to Parsvanath Developers, The total revenue of the firm increased to Rs. 255 crore during the second quarter this fiscal as against Rs 197.96 crore in the year-ago period, up 28.77%.
Mr. Pradeep Jain, Chairman, Parsvanath Developers said, "Though the demand is very strong, input cost is increasing and in the last few quarters we are concentrating more on execution of existing projects rather than launching new ones."
During the September quarter this fiscal, the company said cost of construction and development rose to Rs 151.77 crore from Rs 71.44 crore in the same period last fiscal. The company had increased prices of flats by 5-20% in the past 6 months.
During the same period last fiscal, the Parsvanath Developers's net profit was at Rs 49.77 crore.
According to Parsvanath Developers, The total revenue of the firm increased to Rs. 255 crore during the second quarter this fiscal as against Rs 197.96 crore in the year-ago period, up 28.77%.
Mr. Pradeep Jain, Chairman, Parsvanath Developers said, "Though the demand is very strong, input cost is increasing and in the last few quarters we are concentrating more on execution of existing projects rather than launching new ones."
During the September quarter this fiscal, the company said cost of construction and development rose to Rs 151.77 crore from Rs 71.44 crore in the same period last fiscal. The company had increased prices of flats by 5-20% in the past 6 months.
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