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Sobha deducts its workforce prior to low realty

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Realty slow down is now penetrating more inside the company’s balance sheet among the all range of realty groups. According to the source of www.propertykhazana.com the leading southern brand realty – Sobha Developers has been forced down to cut their work forces to almost half due all the side effects of the realty slow down. The company has calculated the last revenue reading with just Rs 50 crore as compared to that of Rs 120 crore during last financial reading.
Source at the www.propertykhazana.com also reveals that the net profit of the company has gone down by 88 percent comparing with the last financial records. Significantly the company also laid down to the last stage of their debts amounting Rs 1900 crore. “The company is making move to raise around 1000 crore from different sources to make up the previous debt” as stated by top executive of the company – Sharma. At the same time the company is also eying at various sources dilution of equity and sale of lands across the sites.
Recently the company has made its minds to sale out a portion from the 3000 acre of land and the process has already been initiated as per the source of www.propertykhazana.com. Continuing the process the company has succeeded to sell out a cut amounting Rs 100 crore during the last couple of months. The realty market is still slow despite many new shows and other offers. “It also affected the pace of contractual work in the market and we are finding a better option for debt issues to pull down the high rates on the loans of short term and converting them to the loan of long term” stated a research analyst of Pioneer Invest Corp Ltd at the www.propertykhazana.com.
Source: NBTVLIVE

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