MARG posts marginal increase in net profit at Rs 11.79 crore

CHENNAI: Diversified business firm MARG Ltd today reported a marginal increase in its net profits at Rs 11.79 crore for the first quarter ended June 30, 2011, over Rs 11.34 crore profit posted during the same period last year.

For the year ending March 31, 2011, net profits of the company stood at Rs 58.95 crore, a company release said.

Total income for the three months ended June 30, 2011, grew by 76.2 per cent to Rs 307.99 crore from Rs 174.77 crore registered in the year-ago period.

For the year ending March 31, 2011, total income stood at Rs 1,084.26 crore, the release added.

"Our results for the quarter ending June 30, 2011, are very encouraging. Despite the challenging business environment, our performance has met expectations.

"MARG as an organisation is in a consolidation phase and we are focusing on unlocking the value and providing better returns to stakeholders," MARG Ltd CMD G R K Reddy said.

On setting up of its first mall, MARG Junction on Old Mahabalipuram Road in Chennai, the company said development of the project is on schedule and is expected to commence operations in the first quarter of 2012.

It further stated 48 per cent of leasable space was finalised at the mall.