PRESS RELEASES
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Peninsula Land registers impressive growth for 2005-06 Profit After Tax at Rs. 77.18 Crore
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Mumbai, April 21, 2006: Peninsula Land Limited (PLL), earlier known
as Morarjee Realties Limited (BSE Code: 503031), one of the largest players in
the Indian real estate domain, today announced their results for the quarter and
fiscal year ended March 2006.
Highlights
- Total revenues for the quarter ended March 2006 were Rs. 78.98 crore compared to Rs. 26.81 crore for the same quarter last year
- Total revenues for the
year ended March 2006 were Rs. 184.38 crores compared to Rs. 64.14 crore for the
corresponding period last year. This growth in revenues was on the back of:
- - Sale of developed properties
- - Further Revenues recognized in respect of projects
under progress
- Profit before Tax for the quarter ended March 2006 stood at Rs. 46.31 crore
- Profit before Tax for the year ended March
2006 stood at an impressive Rs. 84.13 crore compared to a loss of Rs. 9.52 crore
for the corresponding period last year
- Net Profit for the quarter ended
March 2006 stood at Rs. 39.56 crore
- Net Profit for the year ended March
2006 stood at Rs. 77.18 crore compared to a Loss of Rs. 9.52 crore for the corresponding
period last year
The Results for the current year are not strictly
comparable with that of the previous year as the current year's results include
operations of Piramal Holdings Limited (PHL) and leasing business of Piramyd Retail
and Merchandising Private Limited (PRMPL), which were merged with the Company
effective 1st April 2005.
Said Ms. Urvi Piramal, Executive Vice Chairperson,
Peninsula Land Limited, post the announcement of the Annual Financial Results,
"The merger of PHL with the Company has resulted in synergies, leading to improved
operational efficiencies. We are extremely positive about the outlook for the
Company and believe that we are well placed to take advantage of opportunities
that are presented by a very strong real estate market. Furthermore, as we continue
to look to the future, we are exploring new opportunities with regard to Township
development and SEZs as we expand our presence into other geographies".
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