Revenues of residential biz of The Phoenix Mills nosedives 96% percent in Q4FY20

New Delhi: The revenue from residential business of realty firm The Phoenix Mills nosedived 96 percent while that of retail business by 7 percent in fourth quarter (Q4) of the last fiscal 2019-20. The company registered an income of Rs 13 crore for the residential business in Q4 of fiscal 2019-20 as compared to Rs 307 crore in the same quarter of the previous fiscal. The company clocked revenues of Rs 270 crore for the retail business in Q4 of 2019-20 fiscal as against Rs 290 crore in the same quarter of the previous fiscal.

However, things fared better for the company for the whole of the last fiscal 2019-20. The Phoenix Mills clocked revenues of Rs 279 crore for the residential business in the fiscal 2019-20 as compared to Rs 379 crore in the previous fiscal, a decline of about 26 percent. The firm recorded revenues of Rs 1,199 crore for the retail business in the fiscal 2019-20 as compared to Rs 1,155 crore in the previous financial year, an increase of four percent, the company said in its investor presentation. 

Some of the key malls of the company are limping back to normalcy and have seen about 80percent or more of operational gross leasing area since the lockdown has been eased by the government. The Phoenix MarketCity mall in Bengaluru is now 82 percent operational. Similarly, Phoenix United malls in Lucknow and Bareilly are now 85 percent and 88 percent operational respectively.   

The company’s net profit tanked 82 percent to Rs 48 crore for the fourth quarter of the fiscal 2019-20 as compared to the corresponding quarter of the previous fiscal. Its net profit fell 20 percent to Rs 334 crore for the whole fiscal 2019-20 as compared to the previous fiscal.

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