BENGALURU: Real estate company Nitesh Estates swung to a quarterly loss from a year earlier profit, hurt by a substantial drop in residential sales.
The Bengaluru-based company reported a loss of Rs 14.32 crore, for the second quarter ended September 30, compared to a profit of Rs 1.66 crore, a year earlier.
Net sales plunged 40.2% to Rs 49.1 crore. Nitesh's revenue from residential sales 42.3% to Rs 47.3 crore.
Expenses dropped 40.1% to Rs 31.31 crore as land and construction cost fell.
Nitesh's competitor Brigade reported a second quarter profit earlier this week, in spite of weak sales, helped by a control on expenses.