The Hindu Business Line : Sobha Developers fourth quarter net rises 70%

Bangalore May 14 Sobha Developers has recorded a 70 per cent growth in net profit at Rs 61.9 crore (Rs 36.5 crore) for the fourth quarter ended March 31, 2007. Turnover was up 83 per cent at Rs 358.9 crore (Rs 196.5 crore).

Of this, real estate contributed to 72 per cent of its income at Rs 259 crore, while contractual and other incomes accounted for the rest at Rs 98.7 crore and Rs 1.6 crore respectively.

For the full year, the company posted an 82.49 per cent growth in net profit at Rs 161.5 crore (Rs 88.5 crore). The board has recommended a 55 per cent dividend at Rs 5.50 per share of Rs 10 each.

Its turnover registered an 89.59 per cent increase to Rs 1,189.3 crore (Rs 627.3 crore). Of this, income from real estate development contributed to about Rs 753.8 crore, while contractual and other incomes contributed to Rs 432.7 crore and Rs 2.9 crore respectively, said Mr J.C. Sharma, Managing Director.

Of the Rs 432.7-crore contractual income, IT major Infosys Technologies alone contributed to 90 per cent. "This year, we wanted to focus more on income from real estate," Mr Sharma said.

Operating margins for the year has gone up to Rs 356.3 crore (Rs 175.7 crore). "Despite an increase in raw material and labour costs, we ensured better levels of operating margins by launching newer projects at higher margins," he said.

During the financial year, the company started new activities of metal and glazing works, and interiors works with effect from April 3, 2006, and hence previous year/period figures were not comparable, a company press release said.

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