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Tuesday, January 24, 2012

Oberoi Realty : Net Profit down 50% to Rs. 102 Crore

Real estate company Oberoi Realty has posted a 50 % dip in net profit to Rs. 102crore for the quarter ended December 31, 2011 as against Rs. 205 crore in the year ago period.

The total revenues for the period stood at Rs. 218.26 crore, a 48% dip, as compared to Rs. 420 crore in the corresponding period last year.

Mr. Vikas Oberoi,  Chairman and Managing Director, Oberoi Realty said "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. The company will continue to focus on its financially prudent practices in land acquisitions, as well as in operations.

Mr.Vikas Oberoi also said,  "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."

The Oberoi Mall contributed about  Rs. 20 crore to the operating revenue for the period, as against Rs 18 crore in Q3 FY11, while the Commerz contributed Rs 11 crore as against Rs 11crore.

Oberoi's Westin Mumbai Garden City contributed Rs. 25 crore to the operating revenue for the Q3 FY12 as against Rs. 22 crore in the year-ago period.

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