Plans to develop about 6,00,000 sq ft of commercial space
Mumbai, January 16th, 2008: Modern India Ltd, the erstwhile Modern Mills Ltd of Mumbai has bounced back with a focus on real estate sector. The company has received state government approval to develop Mill land near Mahalaxmi station and at Elphinston road. Plans are being firmed up to develop about 6, 00,000 sq. feet of commercial space at these locations.
The company has announced impressive results for the quarter ended December 31st, 2007. During the quarter, income from operations was up 150 %, to Rs. 41.97 crore over the last year's Rs. 16.82 crores. The Profit After Tax stands at Rs. 1.29 crore against Rs.0.42Crores in the corresponding quarter (after removing extra ordinary profit of Rs.142.66 which pertains to discontinued operations) resulting in jump of 207% in net profit.
Similarly for the nine month period ended December 31st 2007, Modern India clocked 82% growth in Income from operation to Rs.98.68 Crores from Rs.54.11 crores for the same period last year.
Earnings per share for the three quarters of FY 2007-08 stands at Rs.5.34 per share against Rs.5.70 per share for the full financial year 2006-07.
About Modern India Ltd.
Modern India Limited, (erstwhile Modern Mills Ltd) was incorporated in the year 1933. The company was a composite Textile Mill however, prolonged strike in 1982 impacted operations of the company. MIL was one of the first to develop surplus mill land and the company revived on the back of a project undertaken to development a 40 story residential complex at Mahalaxmi with modern amenities like swimming pool, health club, Jacuzzi, tennis court, squash court and ample parking space.
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