Sobha Developers clocks 69.58 per cent net profit increase

Mumbai, May 14 (UNI) Real estate major, Sobha Developers Ltd. (SDL) has recorded 69.58 per cent increase in net profit during the fourth quarter ended March 2007.

Its net profit during the same period grew at Rs 61.90 crore from Rs 36.50 crore in the corresponding period of previous fiscal. Its turnover for the quarter reached at Rs 358.90 crore from Rs 196.50 crore for the same period.

In the financial year 2006-07, SDL's net profit grew by 82.49 per cent to Rs 161.50 crore from Rs 88.50 crore compared to 2005-2006.

The company has also announced a final dividend of 55 per cent on expanded equity capital. ''We will disburse a total dividend of Rs 46.91 crore, inclusive of dividend distribution tax,'' MD of SDL, J C Sharma, said.

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

During the current financial year, the company would also be entering new segments in retail lifestyle products, added Mr Sharma.

UNI