DB Realty Q3 net down 89%

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DB Realty Q3 net down 89%
DB Realty, a real estate industry leader that has built a strong reputation of excellence through its quality residential, commercial and gated community developments, has reported a sharp decline in consolidated net profit at Rs 11.73 crore in the third quarter ended December 2011 from Rs 108.69 crore in the same period last year

The company said that rising input costs and interest rates have adversely affected the key sector.

Net sales also stood lower at Rs 104.80 crore in the quarter under review as compared to Rs 273.25 crore in the same period last year

DB Realty Group Director, Mr N Shridhar said, "The overall environment continued to remain sluggish for the real estate industry. Difficult macroeconomic environment, rising input costs and interest rates have had a significant impact on the industry as a whole, impacting profits,"

DB Realty promoter Shahid Balwa is facing criminal charges in the 2G telecom scam case and is now out on bail.

The shares of the company on Monday were trading lower at Rs 76.80 down by 1 points or 1.29%.

Dion Global Solutions Ltd

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