Sobha Developers Q2 net down 31% to 41 cr

Realty firm Sobha Developers today reported 30.56% decline in net profit to Rs 41 crore for the quarter ended September on lower sales.

The company had posted a net profit of Rs 59 crore in the year-ago period.

Net sales fell by 22.45% to Rs 327.4 crore in the July-September quarter compared with Rs 422.2 crore in the corresponding period of last year, the company said in a filing to the BSE.

In a separate filing, Sobha said it has bought the entire 81% stake of Dubai-based Pan Atlantic Investment in the joint venture firm Sobha Developers (Pune), which now would become its fully-owned subsidiary.