DB Realty posts Rs 2 crore loss in Q12012

New Delhi: Mumbai-based D B Realty has reported a consolidated net loss of Rs 2.07 crore for the first quarter ended June 30, due to lower sales.

The real estate developer had posted a net profit of Rs 41.14 crore in the year-ago period.

Net sales of the company declined by 62 percent to Rs 84.92 crore during April-June, 2012 quarter from
Rs 221.50 crore in the corresponding period last fiscal, D B Realty said.

The company has a portfolio of 70 million sq ft of prime property across 25 projects. Most of the projects are based in and around Mumbai, and are under various stages of planning and construction, the company said in a statement.

Vinod Goenka, Chairman, said, “Despite realty developers facing challenging times due to the overall economic environment, the company managed to maintain its margins and is keeping its debt equity ratio stable at 0.07.”

“With the government taking steps to improve the economic scenario, market sentiments are expected to get a boost and business is likely to grow in the coming months. DB Realty is positive about improving its revenue growth and financial performance in the future,” he added.

Some of the current projects

D B Woods, Goregaon (E) – 1.2 million sq ft, is nearing completion by Dec 12.

Orchid Suburbia, Kandivali (W) –0.73 million sq ft, is nearing completion by March 13

The company proposes to launch its Bandra MIG project spread over 1 million sq.ft. during this financial year.

The construction of DB Crown project at Prabhadevi spread over 1.84 million sq.ft. is on schedule.