Suntech Realty reports 42% fall in Q1 net profit
Realty developer Suntech Realty has reported 42% on-year decline in consolidated net profit at Rs 35.2 crore for the quarter ended June. Total revenue for the quarter also registered a 75% drop at Rs 133.4 crore, the company said in a release.
During the quarter, the company recorded 69% on-year jump in new bookings at Rs 127.8 crore, while collections also rose 49% from a year ago to Rs 130.5 crore.
Commenting on the Q1 FY2018 performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd, said, “The first quarter of FY2018 has witnessed profound regulatory changes taking shape such as RERA and GST. We at Sunteck underline our support to these positive measures and have successfully applied for RERA registration for all our ongoing projects, and obtained the registration number for two projects. GST has also been implemented across our projects. We believe these reforms are setting the stage for sustainable growth for organized developers.”