NEW DELHI (INDIA): Oberoi Realty on Wednesday reported 60 per cent decline in consolidated net profit to Rs 84.92 crore for the December quarter of the current fiscal on a sharp dip in sales against the backdrop of demonetisation.
Its net profit was Rs 212.34 crore in the October-December period of last fiscal, the Mumbai-based developer said in a regulatory filing.
Its income from operation fell sharply to Rs 252.17 crore in the third quarter of 2016-17, as against Rs 784.13 crore in the year-ago period.
The company’s total income dipped to Rs 264.85 crore during the quarter under review, from Rs 794.63 crore in the year-ago period.
Oberoi Realty CMD Vikas Oberoi said: “2016 came to an eventful close with the move of demonetisation which will help clean up the entire system and improve India s image, thereby attracting more foreign investment.
“This initiative will create a level playing field for us by removing the unfair advantage that certain unscrupulous players enjoyed. While initially demonetisation had its short- term consequences, we are confident that the sales volume will be more than restored in coming quarters of 2017,” he added.
Source: Press Trust of India