Ansal Properties Q4 net turnaround at Rs 14 cr

Realty firm Ansal Properties & Infrastructure today reported a consolidated net profit of Rs 13.55 crore for the quarter ended March 31 on robust demand.

The company had posted a net loss of Rs 31 lakh in the corresponding period last year.

During the fourth quarter, the company's consolidated net sales increased by 61.32% to Rs 330.16 crore from Rs 204.66 crore in the same period last year, Ansal API said in a filing to the Bombay Stock Exchange (BSE).

For the entire 2010-11, the consolidated net profit of the company soared by 52.16% to Rs 108.05 crore from Rs 71.01 crore in the previous fiscal, it added.

The consolidated net sales in FY11 jumped by 48.68% to Rs 1,287.82 crore from Rs 866.14 crore in FY10.

The Board of the company has recommended a dividend of Rs 0.50 per equity share of Rs 5 each for 2010-11.

Commenting on the results, Ansal API Vice Chairman and MD Pranav Ansal said: "The demand pick up primarily in the realty sector in recent months has helped us to achieve good financial performance in FY11. Management has focused on construction and delivery of projects under development after relatively quiet period in 2009 and 2010".

The company sold over 20 million sq ft of spaces last fiscal and it is hopeful of significantly improving the output in coming quarters through existing projects and new launches, he added.

Reacting to the numbers, shares of the company were trading 5.66% up at Rs 42.95 on the BSE during late afternoon trade.