Bangalore: Mumbai-based real estate firm DB Realty Ltd posted a 40% drop year-on-year in its net profit to Rs.5.97 crore for the three months ended December. On a sequential basis, its net profit fell 34.6%. The results were announced on Saturday afternoon.
Total income of the developer, which is focused on the Mumbai property market and also has projects in Pune, however, rose 18.7% year-on-year to Rs.124.5 crore in the quarter under review. Sequentially, it was a rise of 136%.
“The last quarter has seen good pick up in sales combined with higher per sq. ft realization. We have also made good progress in getting key approvals for our about-to-be-launched projects. Our endeavour would be to maintain the same momentum,” said Vipul Bansal, chief executive, DB Realty.
The company launched a new tower in the DB Crown project in Mumbai and the DB Golf Links project in Pune.