/24-7PressRelease/ - MUMBAI, INDIA, June 06, 2008 - Marathon Nextgen Realty Limited, a leading real estate company, has posted a 37.3 per cent rise in net profit to Rs. 62.2 crore for the financial year ended March 31, 2008. Total revenue grew by 23 percent to Rs. 119.4 crore over FY06-07.
The company has registered a growth of 13.4 percent in its net sales at Rs 103.6 crore sales during the financial year ended 2008 as compared to Rs 91.3 crore reported in the corresponding period last year. In view of Company's commercial properties fetching high lease rentals, the company has leased 51,000 (apprx) sq.ft in its Marathon Nextgen Project at Lower Parel. Market value prevailing per square ft. of area in the location is approximately Rs. 30,000 per sq.ft.
The Board has also declared a dividend of 16 per cent.
The EPS of the company grew by 37 percent and rose to Rs 49.19 during the financial year ended March 31, 2008 as compared to restated EPS of Rs 35.81 in the corresponding period last year.
Commenting on the financial performance of the company, Mr. Chetan Shah, Chairman and Managing Director of the Marathon Nextgen Realty Ltd said, "The realty major did exceedingly well during FY08 and the results have been improving consistently. Vice Chairman, Mr. Mayur Shah also added "Marathon, with its rich real estate experience has not only turned a sick company into a profitable company but also put it on a fast growth track.
Mr. Mayur Shah, Vice Chairman and Director of Marathon Nextgen Realty Limited said, "We could see the sustained growth for last three successive years due to our planned efforts and acceptance of challenges such as mill land developments in Mumbai. We have also fared well on the outright sales as well as on leasing during the current year", he added.
According to the un-audited quarterly results for the quarter ended March 31, 2008, the company has recorded a net profit of Rs 47.75 crore crore, registering a growth of 58 per cent as compared to Rs 30.03 crore recorded in the corresponding period last year.
Similarly, the company has recorded 98 per cent growth in its net sales to Rs 78.20 crore during the quarter ended March 31, 2008 as compared to Rs 39.45 crore in the corresponding period a year ago.
About Marathon Nextgen Realty Ltd
Established in 1969, the Marathon Group is known for setting several benchmarks in the real estate Sector. The Group was the first private sector entity to introduce the concept of modern town planning in its projects in the year 1922. The Group was also the first developer to build a helipad atop its 25 storey Marathon Heights project at Worli in the year 1996.
The Group is also known for pioneering the concept of low-risk, high-return land bank concept in India. Using the tried and tested model, the Group has successfully developed mill land properties after resolving complex labour issues in Mumbai. Among the projects done using the model are: Piramal Spinning and Weaving mill - Marathon Nextgen, Jay Bharat Oil mill - Marathon Heights and Mafatlal mills - Marathon FutureX.
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