The Board of directors of Sobha Developers Limited approved the unaudited financial results of the company for the quarter-ended June, this year.
Sobha Developers recorded a 24% growth in net profit during the first quarter of the 2008-09 financial year. Its net profit for the quarter stood at Rs 50.5 crores, up from Rs 40.8 crores in the same period last year. Its turnover also marked a 30% increase to Rs 348.8 crores from Rs 269.3 crores in the corresponding quarter of the previous fiscal. The operating margins for this quarter were at 29.7% as against 25.5% for the corresponding quarter of last year.
Sobha Developers Ltd Managing Director, Mr JC Sharma said, “The new financial year has started on a good note with Sobha receiving ten million dollars of foreign investment for one of our residential project in Bangalore. In the current financial year we propose to launch projects in Mysore, Chennai and NCR“.
He further added, “Recent developments on the Indian economic outlook have witnessed a tightening of interest rates. Facilitating credit for growth on one hand and containing liquidity to tame inflation on the other is what Sobha is gearing up to face. Identifying customer trends in requirements, adapting to meet them and scalability in project execution results in qualitative and timely delivery at competitive costs. Inflation is translating into high commodity prices that have an impact on the real estate market. But at Sobha we tread the path of cautious optimism for the future as we can promise international quality at competitive prices even in a difficult market scenario”.
To expand the long term resources of the company, the Board unanimously decided to issue shares to existing shareholders of upto thirty-five hundred million rupees on right basis in accordance with the present provisions of Law, Rules & Regulations. The Terms of the above issue of Rights will be considered & decided upon at the ensuing Board meeting of the Company.
