Omaxe Reports 14% Drop In Q3 Net Profit (09-Feb-2012)
Realty firm Omaxe has reported 14% fall in consolidated net profit at Rs 19.31 crore for the third quarter ended December 31, against Rs 22.57 crore in the year-ago period because of lower margins. Its consolidated income grew 30% at Rs 451.81 crore, as against Rs 347.97 crore during Q3, 2010-11.
The figures are reflective of some pressure on margins on account of high interest rates. However, operational performance has been good and the company has recorded 30% increase in sales over previous quarter.
Omaxe is currently working on 42 real estate projects - 18 integrated townships including two hi-tech townships, 14 group housing projects, 8 shopping malls and commercial complexes, and two hotel projects.
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