Parsvnath Developers posts Rs 25 cr loss in Sep quarter

Realty firm Parsvnath Developers today reported a consolidated net loss of Rs 25 crore for the quarter ended September 30, on lower sales.
Its net profit stood at Rs 13 crore in the year-ago period, Parsvnath Developers said in a regulatory filing.
Revenue dropped Rs 75 crore during July-September period this fiscal from Rs 256 crore in the corresponding period of the previous year.
Chairman Pradeep Jain said that the company expects to witness an increase in the real estate transactions in the third quarter of the 2015-16 fiscal on the lowering of interest rates on home loans and festival season.

Parsvnath Developers has till date completed 55 projects covering 25.19 million sq ft of area. Currently, 48 projects are under construction having 69.67 million sq ft of area. The company has a large land bank of 142.64 million sq ft.