Phoenix Mills Q2 net profit declines 23% on-year
Retail-led asset developer and operator The Phoenix Mills has reported 23% on-year drop in consolidated net profit at Rs 41.75 crore for the quarter ended September. Total income for the quarter also declined 22.8% to Rs 385.53 crore. According to the company, its retail, hospitality and commerci
Published -
Nov 14, 2017 5:51 AM
Retail-led asset developer and operator The Phoenix Mills has reported 23% on-year drop in consolidated net profit at Rs 41.75 crore for the quarter ended September. Total income for the quarter also declined 22.8% to Rs 385.53 crore. According to the company, its retail, hospitality and commercial portfolios showed healthy growth during the first half of 2017-18. However, the consolidated financial performance for the second quarter and the first half was impacted as the prior year period included first?time revenue recognition from its luxury residential project Kessaku at Bengaluru. Further, Classic Mall Development Company, of which Phoenix Mills owns 50%, became an associate effective 31 March 2017. “Excluding the performance from the residential portfolio and assuming consolidation of PMC Chennai for a like?to?like comparison, H1 FY18 Income from operations from non?residential portfolio came in at Rs 813.6 crore, up 7% y?o?y while H1 FY18 PAT after minority interest and before other comprehensive income came in at Rs 72.4 million, up 11% y?o?y,” said Pradumna Kanodia, Director ? Finance, The Phoenix Mills. During the quarter, the company spent around Rs 275 core for acquiring stakes from minority investors across few special purpose vehicles and buying TDR at the residential project in Bengaluru. These spends were almost entirely funded by internal accrual.
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