Left Menu
Development News Edition

Emaar India reports Rs 230.87 cr net loss in first half of FY19

Emaar India reports Rs 230.87 cr net loss in first half of FY19

Realty firm Emaar India has reported a net loss of Rs 230.87 crore in the first six months of the current fiscal on higher expenses on construction, while its net debt stood at Rs 5,707 crore in September-end this year.

Its net loss stood at Rs 339.43 crore during April-September period of last fiscal, Emaar MGF Land Friday said in a regulatory filing on the BSE, where its debt instruments are listed.

Total income rose to Rs 1,211.17 crore during the first half of 2018-19 fiscal from Rs 643.99 crore in the corresponding period of the previous year.

The company said that the results are not comparable because of adoption of new accounting standards for revenue recognition.

As per the regulatory filing, the company's debt stood at Rs 5,707 crore as on September 30, 2018. Its debt-equity ratio was minus 1.85.

Emaar India is part of Dubai's realty major Emaar Properties, which entered India in 2005 in partnership with Delhi-based MGF group and invested Rs 8,500 crore through joint venture Emaar MGF Land.

However, in April 2016, it decided to end this 11-year-old joint venture (JV). In January this year, the National Company Law Tribunal (NCLT) approved the proposed demerger scheme of Emaar MGF Land that paved the way for two JV partners - Emaar Properties and MGF Development - to go separate ways. The demerger process got completed in July 2018.

"Pursuant to NCLT order dated 16th July, 2018 approving the scheme of demerger of EMLL (Emaar MGF Land Ltd), with effect from July 31, 2018, out of the face value of Rs 10,00,000 of non-convertible debentures (NCDs), face value equivalent to Rs 3,07,876 per NCD has been demerged to MGF Developments Ltd. Hence, the face value of the NCDs with Emaar MGF Land Ltd stands reduced to Rs 6,92,124 per NCDs," the filing said.

The corporate action in respect of the demerger is pending and is to be implemented with National Securities Depository Limited (NSDL) and the stock exchange, it added.

Post-demerger, Emaar India has about 4,500 acres of land bank across the country.

In August, Emaar India's new CEO Prashant Gupta had said that it will complete all delayed projects, comprising 10,000 units, by the end of next year and has secured fund as well as ramped up workforce for execution.

The company needed about Rs 800-1,000 crore to construct these units, he had said.

It is currently developing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.



Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...


Latest News

GLOBAL MARKETS-Asian shares turn red as Hong Kong tumbles on China virus

Asian shares erased earlier gains on Wednesday, swinging into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fuelled fears about economic impact of the outbreak.MSCIs broadest index of Asia-Pacif...

India-centric biz advocacy groups seek reduction in tariffs, more reforms

For India to remain on track as a favourable investment destination and become a USD 5 trillion economy, it has to streamline taxation guidelines and improve GST compliance which will boost exports and increase growth, according to top Indi...

PRESS DIGEST- Financial Times - Jan. 29

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. HeadlinesAirbus set to pay 3.6 bln euros to settle corruption probes httpson.ft.com2vq4KZ7 Deliveroo bac...

UPDATE 12-As vote on witnesses looms, Trump legal team tells impeachment trial: 'Time for this to end'

Amid uncertainty over the question of whether to call witnesses in President Donald Trumps Senate impeachment trial, his legal team wrapped up its opening arguments on Tuesday with an appeal for a quick acquittal. Saying it is time for this...

Give Feedback