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Sobha Q4 benefit down 41% on higher duty procurements

May 20, 2016 | By

Property engineer Sobha Ltd reported a final quarter benefit that dropped 41.3% because of higher procurements for assessments.

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Net benefit tumbled to Rs 36.1 crore, for the three months finished March 31, from Rs 61.5 crore, a year prior. Net deals rose 9% to Rs 504.8 crore.

“The new deals volume is higher by 3.2% when contrasted with FY’15, showing a managed force in deals. In any case, lower income acknowledgment and higher provisioning for assessment have affected the top line and primary concern of the organization,” overseeing executive J C Sharma said.

Bengaluru-based Sobha said it anticipated that would offer 3.50 million sqft of new territory which would be esteemed at Rs 2,000 crore amid the current financial. Last monetary, it sold 3.38 million sqft space raising just about the same sum.

Amid the reported quarter, Sobha sold 0.88 million sqft of private space at a normal cost of Rs 6,037. This was lower contrasted with the year before quarter, when it sold 1.02 million sqft space at a normal cost of Rs 6,092.

With the Sobha Dream Acres Project, the organization’s mid-market houses, rising as the speediest offering brand, general deals esteem for the quarter declined contrasted with a year ago.

The organization additionally proposed profit of Rs 2 for each value offer.

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