Mumbai-based real estate firm Peninsula Land has registered a 62 per cent increase in its net profit during the second quarter of current financial year due to pre-sales in the last financial year.

The company posted a net profit of Rs 54.6 crore in the second quarter of FY09 against Rs 33.7 crore of corresponding period, last year.

However, the company’s net sales went down by 5 per cent during the period to Rs 110.5 crore from Rs 117.4 crore. In addition, the company’s other income was lower from Rs 2.2 crore to Rs 1.7 crore.

Real estate companies are facing tough times as the price of real estate has fallen in major cities. The companies are also feeling credit crunch and some projects are stuck in between due to lower liquidity.