Sobha Developers reports 31% fall in Q2 net profit

16 Nov 2011

Sobha Developers has reported results for the second quarter ended September 30, 2011.

The company’s net profit for second quarter has registered a decline of 30.56% at Rs 40.90 crore as compared to Rs 58.90 crore for Q2FY11. The company’s net sales have decreased by 22.45% at Rs 327.40 crore for the second quarter of current fiscal from Rs 422.20 crore for the corresponding quarter of the previous fiscal.

Sobha Developers has sold area of about 9,36,319 square feet (sq. ft.) in Q2 September 2011. The average sales realization rose 41% to Rs. 5,196 per sq. ft. in Q2 September 2011 over Q2 September 2010.

The company is well on its way to achieve new sales of more than 3 million sq. ft. in this financial year, with sales value exceeding Rs 1500 crore.

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