Shoba Developers notches up impressive performance

Bangalore, May 14 (UNI) Leading real estate developer and construction giant Shoba Developers today reported a 69.58 per cent jump in its quarter four net profit for fiscal 2007 at Rs 61.90 crore on a turnover of Rs 358.90 crore.

Corresponding figures for the fourth quarter of previous fiscal was Rs 36.50 crore net profit and Rs 196.50 crore turnover.

The Company, in a release here, said that for the fiscal 2007 the company had reported a turnover of Rs 1189.30 crore up by 89.59 per cent with the net profit rising by 82.49 per cent to touch Rs 161.50 crore.

Commenting on the results, Company Managing Director J C Sharma said that the results was based on strong foundation of unstinting focus on superior quality products and customer delight.

''With Sobha's legacy of Passion at Work', we offer a total living experience to our customers. We also plan to enter new markets in different cities across India during the current financial year. With the surge in developmental projects in Tier II cities, we believe that Sobha Developers's international quality and expertise will become a way of life pan-India'' he added.

The Board of Directors had recommended that a final dividend of 55 per cent on expanded equity capital.

The developer has announced the first integrated township "Sobha City", to come up in Thrissur, the cultural capital of Kerala.

To meet the growing demand from Tier II cities and increasing demand in commercial segment, the company planned to launch several integrated townships projects in Tier II cities spread across India.

UNI