Prime Property Development Corporation Reports Positive Q1 Results, Stock Receives 'Hold' Rating

Prime Property Development Corporation, a microcap real estate company, has recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Hold' call by MarketsMOJO.

According to the financial report, Prime Property has shown a positive performance in the quarter, with a score of 13, which is an improvement from the previous score of 6 in the last 3 months. This is a promising sign for the company's future growth.

One of the key factors contributing to this positive performance is the increase in net sales, which has grown by 142.1% to Rs 20.98 crore compared to the average net sales of the previous four quarters, which was Rs 8.67 crore. This indicates a strong sales trend in the near term for the company.

Another positive aspect is the growth in Profit Before Tax less Other Income (PBT), which has increased by 249.4% to Rs 3.38 crore compared to the average PBT of the previous four quarters, which was Rs 0.97 crore. This shows a very positive trend in the near term for PBT.

However, the company's Profit After Tax (PAT) for the half-yearly period has shown a decline of -65.33% year on year, with a total of Rs 2.68 crore. This is a concerning trend in the near term for PAT.

Overall, Prime Property Development Corporation has shown a positive financial performance in the quarter ending March 2024, with strong sales and PBT growth. However, the decline in PAT is a cause for concern and will need to be addressed by the company in the near future. Investors are advised to hold their stock for now, as per the recommendation by MarketsMOJO.