Real estate firm, Orbit Corporation today said its consolidated net profit for the quarter ended December 31, declined by 94.52 per cent to Rs 3.02 crore.
The company had a net profit of Rs 55.11 for the same quarter in the 2008 fiscal, Orbit Corporation said in a filing to the Bombay Stock Exchange.
Further, the company's board at its meeting held on on January 31 have approved the merger of its wholly owned subsidiary Orbit Shelter with itself.
The proposed merger would be subjected to necessary statutory and regulatory approvals as may be applicable, it added.
Income from operations of the company dipped to Rs 48.28 crore for the quarter under review, against Rs 223.64 crore in the same quarter last fiscal.
For the nine month ended December 31, the company posted a consolidated net profit of Rs 34.95 crore, against Rs 113.29 crore in the same period last fiscal.
Shares of Orbit Corporation were trading at Rs 42, down 5.41 per cent on the BSE.
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