Sobha Developers Q1 net zooms 141%

Sobha Developers, a Bangalore-based real estate company, today reported a 141% increase in net profit at 40.80 crore for the first quarter (Q1) ended June 30, 2007. Revenue increased 31% to Rs 269.20 crore.

The company has spent Rs 441.30 crore of the total Rs 570 crore raised through IPO as follows: Towards land acquisition: Rs 267.20 crore, development and construction of projects Rs 15.40 crore, and repayment of loans Rs 158.70 crore.