Mumbai-based Oberoi Realty has posted a 30 per cent rise in net profit at Rs 137 crore on a consolidated basis for the quarter-ended March 31, 2011, against Rs 105 crore logged in the same period last year. Revenues were up at Rs 295 crore (Rs 174 crore).
The company said Oberoi Mall contributed Rs 17.97 crore (Rs 15.89 crore) to the revenue. Westin Mumbai Garden City, its maiden hospitality venture launched in May 2010, contributed Rs 26.68 crore in the quarter. Mr Vikas Oberoi, Chairman and Managing Director, said, “This is our first annual result after listing. The high occupancy rates of our office space and retail projects ensure a steady rental income for our company. Our maiden hospitality venture in Goregaon has ramped up quickly on occupancy rates within its first year of operation.
While the real estate sector is cyclical, we are confident that our strategy of ‘aggression with caution and prudence' about land acquisition will help us grow.” On Thursday, the company scrip closed marginally down at Rs 249.60 on BSE.
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