 "Sobha Ltd Q1 results: Net profit sinks 50% to Rs 6.06 cr on lower sales")
Indian real estate developer Sobha posted a fourth straight drop in quarterly profit on Thursday, hurt by fewer launches and lower sales.
The company's consolidated net profit sank 50% to Rs 6.06 crore ($7.2 million) in the first quarter.
KEY CONTEXT
The April-June period saw delays in approvals for real estate projects amidst general elections in the country, resulting in fewer launches and a slowdown in sales.
Sobha's peer Prestige Estates Projects also reported a lower profit for the quarter as unit sales tumbled 40%.