Mumbai-based developer Sunteck Realty’s net profit zoomed to ₹144 crore in fiscal 2014 as against ₹8 crore in the year-ago period, on the back of revenue recognition of ₹845 crore from its flagship residential project Signature Island in Bandra Kurla Complex (BKC), Mumbai.

The company has recommended dividend on equity shares of ₹1 per equity share to the persons or entities other than promoters.

Besides Signature Island, it also accounted for recognised revenues of ₹85 crore from another residential project Signia Oceans in Navi Mumbai.

According to a company statement: “The company completed two residential projects with developed area of over 1.2 million sq ft Consequently, the total area delivered till date stands at 1.5 million sq ft.”

Net sales Its net sales for the quarter were ₹891 crore against ₹17 crore in the year-ago period. The company’s total area sold for the quarter stood at 0.71 lakh sq ft aggregating to sale value of about ₹111 crore and an average realisation of ₹16,000 per sq ft.

On a full fiscal year basis, the company’s net profit was ₹151 crore for FY14 against ₹4 crore in FY13.

Kamal Khetan, CMD, Sunteck Realty Limited, said:“With a stable government at the Centre, we foresee improvement in the real estate sector. We also look forward to new acquisitions in our core area, Mumbai, to grow further and will also keep an eye on acquisitions outside Mumbai on our proven joint development or joint venture business model,” he added. Sunteck Realty caters to the luxury and ultra-luxury segment with over 28 million square ft of city-centric developments.

The company's share closed at ₹350, up 25 points or 8 per cent from its previous close on Friday at the BSE.

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