Ackruti City Q1 dips 61% at Rs 16.54 crore

MUMBAI: Realty developer Ackruti City reported a 61% lower first quarter net profit at 16.54 crore. Net revenue for the first quarter ended June 30, 2011, also dropped 33.2% to 117.89 crore.

During the quarter, the company divested its entire holding of 13,630 equity shares in the share capital of Leading Work Properties Private Limited.

An over 88% increase in other income for the quarter at 13.94 crore helped the company restrict the fall in net profit.