Provogue to demerge realty biz into new entity

Apparel firm Provogue India would demerge its real estate business into a newly incorporated entity. As a part of a corporate restructuring plan, the company will also merge its subsidiary Prozone Enterprises with the new entity.

Provogue India's net profit for the quarter ended June 30, 2011 declined marginally to Rs 7.11 crore, compared to Rs 7.80 crore in the corresponding quarter of the previous fiscal. The firm's net sales for the three months ended June 30, 2011 increased 3.73% to Rs 103.16 crore, as against Rs 99.45 crore in the first quarter of the previous fiscal.crackcrack