Parsvnath Developers Limited posted a loss of Rs 23 crore for the fourth quarter ended March 31, 2012, against a profit of Rs 32 crore in the same period a year ago.
The operating revenue stood at Rs 219 crore for the current quarter as against Rs 238 crore in the same period last year.
On the annual basis, PDL reported total revenue of Rs 905 crore as against Rs 909 crore in the year-ago period. The net profit for the fourth quarter stood at Rs 69 crore, compared with Rs 169 crore in the same period last year.
Mr Pradeep Jain, Chairman, Parsvnath Developers Ltd, said: “Financial Year 2011-12 has been very challenging for us, primarily due to the increasing cost of material, funding and then the unavailability of funds for real estate sector. This has affected our business adversely both in terms of top-line and the bottom-line of our results. We have also been affected adversely by the rollback of income tax exemption by the Central Government on affordable housing projects.”
Omaxe posts profit
Another real estate player Omaxe Ltd has reported a consolidated net profit of Rs 23.73 crore, an increase of 103 per cent, for the quarter ended March 31, against Rs 11.67 crore for the same period a year ago.
The income from operations for the current quarter stood at Rs 603.58 crore, compared with Rs. 568.60 crore for the fourth quarter, registering a 6 per cent growth.
On an annual basis, the company reported consolidated income from operations of Rs 1,848.75 crore in 2011-12, against Rs 1,525.94 crore in 2010-11 — up 21 per cent.
Commenting on the outlook for FY-13, Mr Rohtas Goel, CMD, Omaxe Ltd., said: “With the recent cut in interest rates by the RBI, some improvement in liquidity and demand is being witnessed. We expect FY13 to be better, both in terms of demand and supply as interest rate is expected to go down further.
“The Government's commitment to housing sector, as laid down in the Budget 2012, is expected to show some impact in the coming times. Besides, with a persistently high demand seen in tier II and III cities, the company will continue to launch projects and explore new destinations with an emphasis on expanding the existing projects to cater to this rise in demand.”