NEW DELHI (INDIA): Realty firm Omaxe Ltd on Sunday reported 55 per cent decline in its consolidated net profit at Rs 12.98 crore for the fourth quarter of 2016-17.
Its net profit stood at Rs 29.03 crore in the year-ago period, the Delhi-based developer said in a statement.
Income from operations rose by 20 per cent to Rs 451.92 crore for the quarter ended March from Rs 376.11 crore in the corresponding period of the 2015-16 fiscal.
During the full 2016-17 fiscal, the company’s net profit went up by 32 per cent to Rs 101.9 crore from Rs 77.09 crore in the previous year.
Total income from operations stood at Rs 1,626.75 crore in the 2016-17 fiscal, up 17 per cent from Rs 1,385.73 crore during financial year 2015-16.
Omaxe Chairman and Managing Director Rohtas Goel said the real estate sector is “slowly witnessing steady recovery in the aftermath of demonetisation and as has been the case for some time now, tier II and III cities continue to outperform metros.”
Since, Omaxe major thrust areas are tier II and III cities, the company has been performing better than the industry, he added.
During the financial year 2016-17, Omaxe booked 3.20 million sq.ft of space valued at Rs 946 crore and delivered 5 million sq.ft at various locations.
Source: Press Trust of India