Dewan Housing Reports 11.78% Rise

Dewan Housing Finance Corporation reported a 11.78% rise in net profit to Rs 29.44 crore compared with Rs 13.51 crore during the corresponding period last year.The company’s income went up 45.4% to Rs 148.02 crore during January-March 2008 as against Rs 101.80 crore during the same period last year.

The Dewan Housing board recommended a 10% final dividend in addition to a 15% interim dividend paid during previous FY. Profit before depreciation and tax rose 10.7% to Rs 36.74 crore in the fourth quarter. Provisions for taxes rose 98% to Rs 6.95 crore in the fourth quarter of previous financial year.

Mr. Kapil Wadhawan, Vice-Chairman and Managing Director, said that the money is a part of the $250 million the company plans to raise for the private equity fund by March of next year .

He further said that initial investors for the fund would be from West Asia and the UK and more than half the corpus would be allocated towards real estate projects in emerging real estate cities. It had earlier raised a hundred crore rupees for another private equity fund and the entire corpus has been invested in various real estate projects.

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