Brigade Enterprises Q2 net profit jumps 13%

BANGALORE: Bangalore-based, real estate company Brigade Enterprises reported a 13% year-on-year increase in second-quarter net profit to Rs 13.1 crore. Net sales for the July-September quarter rose 6% over the year-ago period to Rs 188.5 crore.

The builder sold 0.35 million sq. ft residential units amounting to Rs 137 crore during the second quarter at an average price realization of Rs 3,937 per sq ft. Additionally, the company sold and leased, 0.038 million sq. ft. and 0.132 million sq. ft. of office space respectively during the quarter.

During the quarter Brigade Enterprises and the Government of Singapore Investment Corporation have jointly bought 26.5 acre prime land in Bangalore's Whitefield from Hindustan Unilever. Brigade also purchased 36 acres plot in Chennai.

The company plans to launch 5.5 million sq. ft in FY 2012-13 across all segments. Brigade's debt equity ratio stood at 0.77:1, with major portion of it attached to income yielding assets.

The company's shares closed 3.73% up at Rs 69.45 on the Bombay Stock Exchange on Friday.