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31 Percentage decline at Sobha Q2 net profit

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After the economic crisis it’s all gloomy every where also effecting the realty market globally. According to a latest statement of Sobha Developers a Pune based realty firm is running with a net loss in their profit by 30.65 percent that amounts around Rs 40.9 Crore for the September ending quarter. Top official says the lower sale rate and the higher inflation margin have brought down the profit line for the company which recorded a net profit of Rs 58.9 Crore in last year.
The selling rate is down by 22.45 percent in July – September quarter as compared to Rs 422.2 Crore at the same period a year ago. At an another statement the Pune based company also reveals that they bought a major share of the Dubai based Pan Atlantic investment that with 81 percent in the join venture which is on the way of its full fledge ownership.
Source: Press Trust Of India

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