Parsvnath posts Rs 22.84 crore loss in Q4

Realty firm Parsvnath Developers today reported a consolidated net loss of Rs 22.84 crore for the quarter ended March on lower sales.
The company had posted a net profit of Rs 14.84 crore in the year-ago period.
Total income from operations dropped by 50 per cent to Rs 90.17 crore during the fourth quarter of last fiscal from Rs 181.87 crore in the corresponding period of previous year, Parsvnath said in a statement.
During 2013-14 fiscal, Parsvnath's net profit dropped sharply to Rs 16.22 crore from Rs 71.24 crore in the year ago period.
Total income from operations also fell to Rs 560.81 crore last fiscal from Rs 642.63 crore in 2012-13.

Commenting on the performance, Parsvnath group Chairman Pradeep Jain said: "In the back drop of constant increase in input costs and cost of construction becoming a challenge, the last financial year was a mixed bag."
The company's focus is on execution and debt reduction along with the delivery of on-going projects. It is working towards asset monetisation by divesting non-core assets and by raising long term capital to reduce the debt.