Marathon Nextgen Realty Limited, a Mumbai based leading real estate company, has posted a 63.82 per cent rise in net profit to Rs. 39.35 crore for the quarter ended December 31, 2009 as compared to Rs 24.02 crore recorded in the corresponding period a year ago. The company has also announced an interim dividend of 15 per cent (Rs 1.50 per share) to its shareholders.
The company has registered a marginal decline in total Income at Rs 55.23 crore during the quarter ended December 31, 2009, as compared to Rs 57.20 crore reported during the corresponding period a year ago.
The earning per share (basic and diluted) stood at higher at Rs 31.13 during the quarter ended December 31, 2009 as compared to Rs 19.00 reported in the corresponding quarter last year.
The company’s board during its meeting held on 27th January 2010 took on record the un-audited financial results for the quarter ended December 31, 2009.
Commenting on the performance, Mr. Chetan Shah, Chairman and Managing Director of Marathon Nextgen Realty Limited said, “Revival in overall economy followed by renewed demand in real estate helped is to maintain consistency in our financial performance for the third consecutive quarter of the FY 09-10. Our gross and net margins are substantially high because of our low cost land bank model coupled with the in-house designed-to-build expertise. The outlook for the remaining quarters and year ahead looks fine as the surge in real estate demand especially in commercial expected to play a key role in the performance”.
About Marathon Nextgen Realty Ltd
Marathon Nextgen Realty Ltd is a part of Marathon Group that was set up in 1969, known for setting several benchmarks in the real estate Sector. The Group was the first private sector entity to introduce the concept of modern town planning in its projects. The Group was the first developer to build a helipad atop its 25 storey Marathon Heights project at Worli in the year 1996.
The Group is known for pioneering the concept of low-risk, high-return land bank concept in India. Using the tried and tested model, the Group has successfully developed mill land properties after resolving complex labour and financial issues in Mumbai. Among the projects done using the model are: Piramal Spinning and weaving mill - Marathon Nextgen, Jaibharat Oil mill - Marathon Heights and Mafatlal mills - Marathon Futurex.
Company declares 15% interim dividend
