Real estate firm Omaxe Q4 net profit falls 55%

Real estate company Omaxe Ltd. on Sunday announced a 55 per cent fall in its consolidated net profit for the fourth quarter ended March at Rs 12.98 crore, compared with Rs 29.03 crore in the same period of 2015-16.

Consolidated income from operations during the said quarter, however, increased 20 per cent to Rs 451.92 crore, from Rs 376.11 crore in the corresponding period of the previous fiscal, the company said in a statement here.

For the full 2016-17 fiscal, the Delhi-headquartered Omaxe's net profit rose 32 per cent to Rs 101.9 crore, from Rs 77.09 crore in the previous year.

The firm's total income from operations during the entire fiscal in question went up by 17 per cent at Rs 1,626.75 crore, compared with the income of Rs 1,385.73 crore during financial year 2015-16.

Omaxe booked 3.20 million square feet of space valued at Rs 946 crore, and delivered five million sq.ft. at various locations during the last fiscal, it 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," Omaxe Chairman Rohtas Goel said in the statement.

"Since, Omaxe's major thrust areas are Tier II and III cities, the company has been performing better than the industry," he added.

--IANS

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