Emaar MGF loss widens to Rs 356cr in H2, Rs 471cr in FY16
NEW DELHI: Realty firm Emaar MGF Land Ltd today reported a net loss of Rs 356.45 crore for the six months ended March, hit by lower sales.
It had posted a net loss of Rs 152.78 crore in the year- ago period, MGF said in a regulatory filing.
Income from operations fell to Rs 202.37 crore for the six months ended March, from Rs 904.72 crore in the corresponding period of the previous year.
Emaar MGF is a joint venture between Dubai’s Emaar Properties and India’s MGF Development.
The company has clocked a net loss of Rs 471.20 crore in 2015-16 as against Rs 397.66 crore in the previous fiscal.
Income from operations fell to Rs 739.80 crore last fiscal from Rs 1,389.16 crore in the previous year.
MGF Land has filed a demerger scheme in the Delhi High Court following the two joint venture partners decision to part ways.
Emaar MGFProperties, which entered India in 2005 with largest FDI in the realty sector, has invested about Rs 8,500 crore in Indian real estate market through its JV firm .