Puravankara Projects posts Rs 356.37 mn profit for Jun`07 qtr
Puravankara Projects posts Rs 356.37 mn profit for Jun`07 qtr Puravankara Projects posted a robust profit of Rs 356.37 million, on net sales of Rs 1,204.06 million for the quarter ended June 2007. The earnings per share (EPS) of the company stood at Rs 2.29 for the quarter ended June 2007. Puravankara Projects is one of the leading real estate development companies in India with a focus on developing residential and commercial properties. The company has operations in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo (Sri Lanka) and United Arab Emirates.
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Shares of the company were listed on bourses on Aug. 30, 2007. The scrip opened at a discount of Rs 1.00, or 0.25%, at Rs 399 as compared with the issue price of Rs 400 at the BSE. It slipped further to a low of Rs 357.55 and finally closed with a 9.56% discount at Rs 361.75 at the BSE.
The company is planning to invest about Rs 3.5 billion in developing 2.58 million sq. ft. residential project in Kolkata, which will be executed through a joint venture company, Keppal Purvankara Development.
It has also entered into an MoU with Galaxy Properties in Chennai for the joint development or purchase of 43.56 million sq. ft. of land.
It is planning to set up a chain of hotels in South India. It intends to set up either five-star or business hotels in cities like Bangalore, Chennai, Kochi and Hyderabad.
The company acquired approximately 1.06 million sq.ft. of land in Colombo, Sri Lanka for a proposed luxury residential project consisting of independent villas and townhouses.
Shares of the company closed up Rs 14.85, or 3.93%, at Rs 392.45. The total volume of shares traded at the BSE was 777,896. (Tuesday)