Sunteck Realty profit falls 15% in September quarter

MUMBAI: Mumbai-based builder Sunteck Realty has reported nearly 15% on-year decline in consolidated net profit at Rs 54.66 crore for the quarter ended September. Total income for the quarter witnessed a 43.7% on-year drop at Rs 197.55 crore.

The company reported 21% rise in net profit at Rs 117.7 crore for the half year ended September. Revenue from operations for this period declined 18% to Rs 391.4 crore. The company attributed the decline in revenue from operations as a result of first time revenue recognition of the project Sunteck City in the year ago period.

In the first half ended in September, According to the company, pre-sales has grown by 103% from a year ago period.