Indiabulls Real Estate, Oberoi Realty profits rise

Realty firm Indiabulls Real Estate Ltd saw a jump in its fourth-quarter earnings from the preceding quarter, with a 25 per cent and 39 per cent rise in total income from operations and net profit to Rs 445 crore and Rs.57.78 crore, respectively. However, fourth-quarter total income dropped 26 per cent and net profit slipped 43.8 per cent from a year earlier. The company, in a presentation, said that last year's figures are not comparable because Indiabulls Power Ltd, which used to be a subsidiary of Indiabulls Real Estate, was separated from it with effect from 1 April 2011. Oberoi Realty Ltd posted a 33.8 per cent rise in sequential total income from operations to Rs 254.7 crore for the March-ended quarter, and a 3.04 per cent drop from a year ago. Net profit rose 40.6 per cent from the quarter before to Rs 143.5 crore and saw a drop of 5.07 per cent from the year earlier. Both Indiabulls Real Estate and Oberoi Realty posted March quarter earnings on Wednesday evening. On Wednesday, Indiabulls Real Estate said that fourth quarter sales was Rs 666.04 crore for an area of 620,000 sq ft and that total sales for the financial year was Rs 1,982.04 crore for 3.54 million sq ft. New leased area in the same quarter stood at 62,299 sq ft and total new leased area in fiscal 2012 was 600,000 sq ft. Also, during a time when many large developers were going slow on land acquisition, Indiabulls Real Estate acquired 334.40 acres during the quarter, taking up the total land acquired in fiscal 2012 to 420.47 acres in the Mumbai Metropolitan Region and the National Capital Region source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=20039&cat_id=1