Realty firm Ashiana Housing today reported a 23% increase in its net profit at Rs 7.24 crore for the quarter ended December, against Rs 5.87 crore in the year-ago period as it constructed more area.
The national capital-based company also announced that it would develop a hotel-cum-shopping mall project in Jamshedpur (Jharkhand) at an investment of about Rs 75 crore.
The revenue, however, declined marginally to Rs 26.38 crore in the third quarter of the current fiscal as against Rs 26.44 crore in the corresponding period of the previous year mainly due to stoppage of work in the Lavasa hill city project where the company is developing a retirement resort.
Ashiana Housing had bought 30-acre of land from Lavasa Corporation to build a retirement resort.
"Our net profit increased because the company constructed 3.17 lakh sq ft area during the last quarter compared to 2.65 lakh sq ft in the year-ago period," the company's Director Finance Varun Gupta said.
The total revenue fell marginally as sales booking were less in the retirement resort project at Lavasa, he added.
On future plans, Gupta said the company would soon launch a hotel-cum-mall project in Jamshedpur.
"The hotel will be four star and we are in talks with an international operator to manage the hotel," he said, adding that the shopping mall would be of nearly one lakh sq ft.
Ashiana Housing is currently developing seven housing projects, including two retirement resorts for senior citizens, involving a saleable area of seven million sq ft.
