 "real estate")
Indian real estate developer Prestige Estates Projects posted a 12 per cent fall in first-quarter profit on Wednesday - its third straight quarterly profit fall - hurt by lower sales and fewer launches.
The company said its consolidated net profit fell to Rs 233 cr ($27.9 million) for the quarter ended June 30 from Rs 267 cr a year ago.
It sold 1,364 units during the quarter, marking a 40 per cent decline year on year.
The housing market, especially in the premium segment, has seen continued growth in the past few quarters, with higher-end buyers remaining unfazed by inflationary pressures.
However, the real estate sector experienced a slowdown in approvals and project launches during the election period, contributing to a slump in sales for Prestige.
Mumbai-based Oberoi Realty earlier reported an 82 per cent profit jump in the June-quarter, as demand for luxury projects sustained its momentum.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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