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Real Estate >> News
Omaxe Developer's Q2 net profit down 21% at Rs 18.15cr
By
PTI
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Wednesday, November 20, 2013
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Realty firm Omaxe reported 21 percent decline in consolidated net profit at Rs 18.15 crore on lower sales for the second quarter ended September 30, 2013-14 fiscal.
It had posted net profit of Rs 22.98 crore in the July- September quarter of the previous fiscal, 2012-13.
Total income from operations fell by 21 percent to Rs 365.45 crore in Q2, 2013-14, as against Rs 461.64 crore in the year-ago period, Omaxe said in a filing to the BSE.
Omaxe has presence in 30 cities across 9 states. With about 84 million sq ft of delivered space in both real estate and construction contracts, the company is developing 41 real estate projects - 13 group housing, 19 townships, 9 commercial projects.
Recently, Omaxe announced issue of 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator Sebi's norm on minimum 25 percent public shareholding. Promoters had 89.14 percent stake in Omaxe as on March 31. After four-round of offer for sale (OFS), Omaxe is still required to increase public shareholding by about 4 percent.
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