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Parsvnath Developers post 16% dip in profit, 5% rise in net sales

Parsvnath Developers post 16% dip in profit, 5% rise in net sales
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First Published: Thu, Jul 31 2008. 02 23 PM IST
Updated: Thu, Jul 31 2008. 02 23 PM IST
New Delhi: Parsvnath Developers Limited (PDL) reported net sales of Rs372 crore for the quarter ended 30June,2008, compared to Rs357 crore in the corresponding period last year, registering a growth of 5%.
Net profit in Q1 FY09 stood at Rs71 crore, compared to Rs84 crore in Q1 FY08, registering a decline of 16% due to increase in interest cost, personnel cost by Rs19 crore and decrease in other income by Rs4 crore. EPS for the quarter stood at Rs3.8.
The company increased its real estate presence going up to 51 cities and 18 states in 2007from 49 cities and 17 states in 2006.
Pradeep Jain, chairman, Parsvnath Developers Limited said, “The long-term actual demand in residential, commercial, hotel and IT sector remains intact despite temporary turbulence in the real estate space. Also, according to the 11th five year plan 2007-2012, housing shortage in India will increase to 26 million units which point to a massive growth envisaged in the residential sector.”
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First Published: Thu, Jul 31 2008. 02 23 PM IST