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Bangalore-based developer Prestige Estates records profit

Comments(3) Sub Category:Bangalore,Realty News Posted On: Aug 06, 2012

At a time when real estate sector is riding on a low tide, developers Prestige Estates have been able to register a rise in their profit. Prestige Estates’ net profit has risen 35.4 per cent to Rs 49.3 crore in the April to June quarter.

Turnover stood at Rs 246.4 crore, down by 6 per cent from Rs 261 crore. But new sales were up sharply at Rs 1,010 crore, from Rs 209.9 crore in the corresponding quarter a year ago.

The company attributes the dip in turnover to its revenue recognition policy. The company had set a target of achieving Rs 2,500 crore in new sales for fiscal 2013, and has achieved 40 per cent of this target in the first quarter itself.

To read more real estate news:

Gujarat cities are the next real estate hub of India: JLL

 

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