D B Realty suffers net loss of Rs 146 cr in Q4Fy20
New Delhi: Mumbai-based D B Realty Ltd suffered a consolidated net loss of Rs 146 crore in the fourth quarter of the 2019-20 fiscal as against a net profit of Rs 80 crore in the corresponding quarter of the previous fiscal, the company said in a regulatory filing.
The auditor of the company has noted that D B Realty has noted that the net loss of the whole of the fiscal 2019-20 for the company is Rs 145 crore and there are accumtaed losses of Rs 174 crore. The auditor has also noted that “there is no progress in the development of projects undertaken since last several years and the company is also incurring cash losses during last three years and defaults in various debt and other obligations,”.
These facts indicate that a there is a “material uncertainty” and there is “significant doubt” on the company's ability to continue as a going concern.