Parsvnath net profit up 45.2 percent

June 20th, 2008 - 8:25 pm ICT by IANS  

New Delhi, June 20 (IANS) Real estate major Parsvnath Developers’ net profit for 2007-08 rose to Rs.4.24 billion from Rs.2.92 billion the previous year, reflecting a growth of 45.2 percent, the company announced Friday. However, its net profit for the last quarter declined 17.7 percent: against the Rs.1.32 billion profit registered in this period in 2006-07, it posted Rs.1.08 billion for the quarter ended March 2008.

But income during the quarter rose 31 percent, from Rs.4.12 billion to Rs.5.40 billion.

Total income for the financial year 2007-08 similarly went up 19.7 percent from Rs.15.34 billion to Rs.18.37 billion.

“In a tough year for the global property market, Parsvnath Developers has recorded impressive financials, (it’s) a testament to the strong fundamentals that drive the company,” Parsvnath chairman Pradeep Jain said.

“The company is also going to expand its operations in Singapore. We have formed a subsidiary there by the name of Parsvnath Developers Pvt Ltd,” Jain added.

The subsidiary is in advanced talks with a Singapore-based company for various hospitality and real-estate joint ventures, which will be finalized soon, he said.

Parsvnath has already tied up with the Al-Hasan Group of Oman for various real estate projects in that Gulf country.

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