New Delhi: Oberoi Realty on Tuesday reported a 82 per cent decline in its consolidated net profit at Rs 28.07 crore for the quarter ended June.
Its net profit stood at Rs 152.07 crore in the year-ago period, the Mumbai-based realty firm said in a regulatory filing.
Total income also declined to Rs 126.86 crore in the first quarter of ongoing fiscal from Rs 618.10 crore in the corresponding period of the previous year.
“The Group’s operations were impacted by the COVID-19 pandemic,” the company said.
It said the mall operations of company’s subsidiary were severely impacted due to the coronavirus-induced lockdown in June quarter.
“Due to the prevailing circumstances, and having regard to significant uncertainties relating to collection of rental and other amounts from lessees and the ongoing discussions with lessees, the company has not presently recognized revenue of Rs 3,317 lakh for the quarter ended June 30, 2020 in respect of contracts with its lessees in its mall,” the filing said.
The company’s board also passed enabling resolutions for issue of non-convertible debentures up to Rs 1,500 crore by way of private placement as well as issue of equity shares and/or any other securities convertible into equity for an aggregate amount not exceeding Rs 2,000 crore by way of qualified institutions placement to qualified institutional buyers.
“The board of directors have not recommended any dividend on equity shares of company for the financial year ended March 31, 2020,” the filing said.
Source: ET Markets