Sobha developers Striking Q1 performance, new launches to urge growth

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Sobha Developers registered Rs. 10.08 billion turnover during first half of the fiscal year 2013-2014. The Profit after Tax (PAT) was Rs. 1.07 billion whereas the Profit before Tax (PBT) came up to Rs. 1.71 billion.

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Sobha developers: Striking Q1 performance, new launches to urge growth:

Sobha developers: Striking Q1 performance, new launches to urge growth

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Sobha Developers registered Rs . 10.08 billion turnover during first half of the fiscal year 2013-2014. The Profit after Tax (PAT) was Rs . 1.07 billion whereas the Profit before Tax (PBT) came up to Rs . 1.71 billion. There has been an increase by 18per cent of which PAT by 12 per cent and 21 per cent of PBT from their operations, on a year-on-year basis. During the second quarter of Fiscal year 14, the company has registered a turnover of Rs . 5.45 billion with the total raise of 31%. Among this percentage increase, PBT has gone up by 21per cent of Rs 863 million and PAT by 13per cent of Rs 566 million, year over year . The Vice Chairman and Managing Director, Sobha Developers, J.C. Sharma, said, “Despite the economy growing below 5%, increasing concerns on high interest rates, continuing inflationary pressures and the steep depreciation of Indian Rupee, our performance has been operationally better vis-à-vis the previous quarter. Browse Sulekha Property for more information on upcoming projects, price trends etc Visit property.sulekha.com

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We have sold 1 million square feet of new space compared to 0.95 million square feet in the same quarter last year. The sales value in Q2’14 has increased to Rs . 6,323 Million from Rs . 5,274 Million in Q2’13. The average price realization has increased to Rs . 6,304 per square feet from Rs . 5,575 per square feet a year ago .” Regarding the new launches in Q2 fiscal year 2013-2014, J C Sharma said “The Company’s strategic decision to diversify into new markets, backed by its robust launch pipeline, has yielded great results. We have launched two new projects this quarter with an aggregate Total Saleable Area of 1.13 million square feet. ‘Sobha Palladian’, a 100% FDI compliant project by Sobha Highrise Ventures Private Limited – a joint venture between Sobha Developers Limited and Sun Area Property Partners, is situated on Old Airport Road, Bangalore and has a Total Saleable Area of 0.55 million square feet. ‘Sobha Bela Encosta ’, our maiden project in Kozhikode, Kerala, has a Total Saleable Area of 0.58 Million square feet.” Browse Sulekha Property for more information on upcoming projects, price trends etc Visit property.sulekha.com

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