DB Realty today reported 98 per cent decline in its consolidated net profit at Rs 0.21 crore for the quarter ended December 31, 2012.
It had posted a net profit of Rs 11.73 crore in the year-ago period.
However, the consolidated net sales rose by 19 per cent to Rs 124.56 crore during the third quarter of this fiscal against Rs 104.80 crore in the corresponding quarter of last year, Mumbai-based firm said in a filing to the BSE.
The company's net profit has fallen sharply due to rise in tax expenses to over Rs 15 crore during October-December quarter of this fiscal from nearly Rs 1.5 crore in the year ago period.
"The last quarter has seen good pick up in sales combined with higher per sq ft realisation. We have also made good progress in getting key approvals for our about to be launched projects. Our endeavour would be to maintain the same momentum," DB Realty CEO Vipul Bansal said in a statement.