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Parsvnath Q4 net drops 89% at Rs 11.61 cr

Mumbai, June 23, 2009

Real estate firm Parsvnath Developers reported a 89.13 per cent fall in consolidated net profit at Rs 11.61 crore for the fourth quarter ended March 31, 2009.

The company had a net profit of Rs 106.86 crore in the March quarter of FY'08, Parsvnath Developers said in a filing to the Bombay Stock Exchange.

Revenue also declined to Rs 19.96 crore in the latest quarter from Rs 506.77 crore in the same month last year.

For the full year ended March 31, 2009, the realty firm reported a net profit of Rs 112.90 crore as against Rs 424.39 crore last fiscal.

Parsvnath's revenue decreased to Rs 710.62 crore in the fiscal year ended March 31, 2009, from Rs 1,802.46 crore in the previous fiscal.

On a standalone basis, Parsvnath posted a net profit of Rs 13.55 crore in the March quarter of 2009 as compared to Rs 108.87 crore in the corresponding year ago period.

The company's revenue decreased to Rs 72.05 crore in the quarter ended March 31 this year as against Rs 534.14 crore in the year-ago period.

Shares of Parsvnath were trading at Rs 83.70, down 0.12 per cent on the BSE.   

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