Aditya Birla Group firm Aditya Birla Real Estate Ltd (ABREL) reported a 42.6 percent decline in its consolidated revenue for the quarter ending March 31, at Rs 391.87 crore, as sales in the real estate segment declined, and the company, earlier known as Century Textiles and Industries, sold its paper and pulp division and also exited the textile business during the reported quarter.
As a result, the company reported a consolidated net loss of Rs 135.20 crore for the quarter, against a profit of Rs 20.64 crore in the same quarter last year. ABREL also recognised multiple provisions and write-offs related to the surrender of a land parcel to the Brihanmumbai Municipal Corporation (BMC), its exit from a joint venture in the textiles, and the sale of its property and assets in its textile division.
The company's board recommended a dividend of Rs 2 per share. At 2:54pm on May 14, ABREL's shares were trading 3.19 percent higher on the National Stock Exchange at Rs 1,995 apiece.
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