Lok Housing Q1 net profit stands at Rs 29.3 cr

Mumbai, July 26 (UNI) Lok Housing and Constructions Ltd, a prominent player in the real estate business, posted a profit after tax (PAT) for the quarter ended June 30, 2006 at Rs 29.30 crore as, against the net loss of Rs 75,000 in the corresponding quarter last fiscal.

Announcing the results, the company said it has registered a record net sales of Rs 64.94 crore for the first quarter ended 30th June 2006 up over 12 times as compared to Rs 5.02 crore for the corresponding quarter of the previous year.

The Earnings Per Share (EPS) for the period stood at Rs 25.724 as against EPS of Rs. 0.007 during the corresponding period of the previous year.

Commenting on the results, Mr. Lalit Gandhi, Managing Director, Lok Housing&Constructions Ltd, said, '' We are now moving into a new phase which will focus on delivering volume growth and phenomenal profitability." The boards of Lok Housing&Constructions Ltd and Lok Shelter have agreed and approved the merger of the two companies. The proposal has been sent to the BSE for approval and ratification.

Lok Housing is in negotiations with the Government of Maharashtra for a joint venture project for the unsafe 300 cessed buildings in Mumbai. For the implementation of this project, Lok Group is in talks with GIC and the Government of Singapore for providing technical and financial cooperation.

The project when implemented will provide safe habitats to many needy families, said the company.

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