DB Realty today reported a 33% decline in its consolidated net profit at Rs 41.14 crore for the quarter ended June as against Rs 62 crore in the year-ago period due to slowdown in property demand.
Net sales declined by 16% at Rs 221.5 crore in the first quarter of this fiscal against Rs 265 crore in the corresponding quarter of last fiscal, the Mumbai-based developer said in a statement.
"Rising interest rates and input costs coupled with delayed approvals have resulted in a slowdown in the sector. At DB Realty we see a slowdown in sales coupled with an increase in input costs in the last 6 months," company's Group Director (Business & Strategy) N Shridhar said.
He said the company managed to reduce debt burden in this quarter to Rs 242.5 crore as on June 30, 2011.
