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Sobha Ltd Q1 results: Net profit sinks 50% to Rs 6.06 cr on lower sales

The April-June period saw delays in approvals for real estate projects amidst general elections in the country, resulting in fewer launches and a slowdown in sales

The company's consolidated net profit sank 50% to Rs 6.06 crore ($7.2 million) in the first quarter.

Reuters BENGALURU

1 min read Last Updated : Aug 08 2024 | 6:44 PM IST

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Indian real estate developer Sobha posted a fourth straight drop in quarterly profit on Thursday, hurt by fewer launches and lower sales.

The company's consolidated net profit sank 50% to Rs 6.06 crore ($7.2 million) in the first quarter.

KEY CONTEXT

The April-June period saw delays in approvals for real estate projects amidst general elections in the country, resulting in fewer launches and a slowdown in sales.

Sobha's peer Prestige Estates Projects also reported a lower profit for the quarter as unit sales tumbled 40%.

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