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Real estate developer Omaxe Ltd has posted a 50.29 per cent increase in consolidated net profit to Rs 35.66 crore in the fourth quarter ended March 31, as against Rs 23.73 crore in the year ago period.
Total income from operations rose 12.6 per cent to Rs 679.67 crore (Rs 603.57 crore).
The Board has recommended a dividend of 7 per cent on equity share of Rs 10 each, for the financial year ended March 31, 2013. The company’s fiscal net profit increased 17 per cent to Rs 105.67 crore Rs 90.38 crore). Net income increased to Rs 2,077.54 crore (Rs 1,848.74 crore).
The construction of two projects of the company (including subsidiaries) has been suspended due to a stay order given by the High Court on the basis of a civil petition, the filing added.
“Despite challenges like higher interest rate, inflation, slowdown in global economy, the sentiments in tier II and III cities remained good and these cities continued to drive demand,” said CMD Rohtas Goel.
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