Its Q4 net profit slipped 47 percent to Rs 77 crore from Rs 145.2 crore in the year-ago period. During the period, its sales too shrunk.
Shares of Oberoi Realty fell 3 percent intraday on Monday after it announced March quarter results. The real estate developer saw weak earnings due to low revenue recognition from projects in real estate segment. However, hospitality segment (15 percent of revenue) has done well due to improvement in occupancy and revenue per room for Westin.
Its Q4 net profit slipped 47 percent to Rs 77 crore from Rs 145.2 crore in the year-ago period. During the period, its sales too shrunk.
Meanwhile, according to CNBC-TV18 sources the Mumbai-based realty firm raised Rs 750 crore through redeemable non convertible debentures (NCDs) with face value of Rs 1 crore each.
Oberoi realty is understood to have raised these funds through its wholly owned subsidiary, Incline Realty Private Ltd. The issue size of 750 crore is raised in four-part series; two of Rs 250 crore each, and one of Rs 100 crore and Rs 150 crore. The issue is at coupon rate of 10.85 percent for each series.
At 12:08 hrs the stock was quoting at Rs 204.45, down Rs 2.55, or 1.23 percent on the BSE.
via Business - Google News http://ift.tt/1sjVRCj
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