Ansal Properties posts net loss of Rs 21.01 crore in Q3

NEW DELHI: Ansal Properties & Infrastructure Ltd today posted a consolidated net loss of Rs 21.01 crore for the the third quarter ended December 31, 2011, due to revision in estimates of land costs in one of the large township.

The company had posted net profit of Rs 32.37 crore in the corresponding period of previous fiscal.

The company's sales and operating income declined to Rs 226.18 crore during the quarter, compared to Rs 348.46 crore in the same period previous fiscal, Ansal Properties & Infrastructure said in a filing to the BSE.

Commenting on the results Ansal Properties & Infrastructure Vice-Chairman and Managing Director Pranav Ansal said: "...The current quarter results have seen some reversal of turover taken into account in earlier quarters and consequently reduction in profits on account of revision in estimates of land costs in one of the large township".

He added that realigning business model in one of the projects, estimated to result in higher revenues going forward, had an effect on reducing the quarter's reported numbers.

The company said it is focusing on northern India for township development and has accelerated the development and sales effort in all the townships that were launched in the past few quarters.

Shares of Ansal Properties & Infrastructure Ltd today closed at Rs 37.50 on the BSE, down 1.96 from previous close.