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DLF Q1 profit falls 38% as costs bite

DLF, which builds homes, offices and shopping malls, said late on Monday net profit for the June quarter was Rs 181 crore, compared with Rs 293 crore a year earlier. Sales and other receipts rose 4 percent to Rs 2,314 crore from Rs 2,198 crore.

 
 
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DLF Ltd, India's largest real estate developer, reported a 38 percent fall in quarterly net profit, weighed down by higher expenses on land and property development.

Also Read: Sobha Developers Q1 net up 11%, sales volume moderates


DLF, which builds homes, offices and shopping malls, said late on Monday net profit for the June quarter was Rs 181 crore, compared with Rs 293 crore a year earlier. Sales and other receipts rose 4 percent to Rs 2,314 crore from Rs 2,198 crore.


Analysts on average expected the company to post net profit of Rs 123 crore on revenue of Rs 2,063 crore, according to Thomson Reuters Starmine.


Founded by billionaire KP Singh, DLF sold a stake in its insurance joint venture last month but is yet to divest other non-core assets, including its luxury hotel chain Amanresorts, to pare its debt of Rs 21700 crore at end-March.

The New Delhi-based developer, valued by the market at USD 4 billion, has lost about 40 percent of its value since the beginning of 2013, in line with the drop in the sector index, but higher than the 2.5 percent fall in the wider market index.

first published: Aug 13, 2013 08:46 am

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