Realty firm Parsvnath Developers today reported a profit of Rs 5.93 crore for the quarter ended March, 2016, as against a loss of Rs 140.9 crore in the year-ago period.
Income from operations, however, fell to Rs 73.19 crore in the fourth quarter of last fiscal from Rs 267.31 crore in the corresponding period of the previous year, Parsvnath said in a regulatory filing.
On an annual basis, the company posted a net loss of Rs 35.56 crore in last fiscal as against a loss of Rs 107.66 crore in the previous year.
Income from operations dropped to Rs 396.16 crore in the 2015-16 fiscal from Rs 762.52 crore in the previous year.
The company informed that it has acquired 12,25,000 Class B Shares and 1,54,17,500 fully convertible debentures of Parsvnath Estate Developers Pvt Ltd (PEDPL)…from City Centre Monuments, Mauritius”.
As a result, PEDPL has become wholly owned subsidiary of the company.
PEDPL is SPV implementing the project for development of an office complex on a plot of land admeasuring 15,583.83 sq meters situated at Bhai Veer Singh Marg in the central Delhi.