2G scam-hit DB Realty profit down 33%

DB Realty today reported a 33 per cent decline in its consolidated net profit at Rs 41.14 crore for the quarter ended June as against Rs 61.84 crore in the year-ago period due to slowdown in property demand.

Net sales declined by 16.33 per cent at Rs 221.5 crore in the first quarter of this fiscal against Rs 264.75 crore in the corresponding quarter of last fiscal,the Mumbai-based developer said in a statement.

“Rising interest rates and input costs coupled with delayed approvals have resulted in a slowdown in the sector.

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At DB Realty we see a slowdown in sales coupled with an increase in input costs in the last 6 months,” company’s Group Director (Business & Strategy) N Shridhar said.

He said the company managed to reduce debt burden in this quarter to Rs 242.5 crore as on June 30,2011.

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