Omaxe Q3 net dips 21% to Rs 22.57 cr

Realty firm Omaxe today reported a 20.7% decline in its consolidated net profit to Rs 22.57 crore for the quarter ended December 2010, due to lower realisation in sales of housing units.

The company had posted a net profit of Rs 28.46 crore in the year-ago period.

Net sales, however, rose by 24.2% to Rs 347.97 crore for the third quarter of this fiscal as against Rs 280.2 crore in the corresponding period of the previous year, Omaxe said in a statement.

"The company's profit margins have declined because increased proportions of sale have been made on down payment basis resulting in lower realisations with improved cash flows," Omaxe Chairman and Managing Director Rohtas Goel said.

Omaxe booked 2.71 million sq ft area during the quarter ended December 2010, taking the aggregate booked area to 7.61 million sq ft for the present financial year.