DLF profit falls 27%, hit by slowing home sales
Oct 31, 2013
Source : The Economic Times

 

MUMBAI: DLF LtdBSE -0.07 %, country's top real estate developer, posted a 27 per cent fall in its consolidated net profit for the July-September quarter, hit by slowing home sales in Asia's third-largest economy.

"In the current economic and high interest rate environment, the company expects a slow absorption of product in the market," DLF said in a statement to the exchange late on Wednesday.

The New Delhi-based developer, founded by billionaire KP Singh, said net profit for the fiscal second quarter was Rs 1 billion compared with Rs 1.38 billion a year earlier. The profit fell short of analyst expectations of Rs 1.4 billion, according to Thomson Reuters I/B/E/S.

Total revenue was Rs 19.56 billion, down from Rs 20.4 billion posted during the same period last year.

On Wednesday, Oberoi Realty LtdBSE -1.91 %, country's second-largest developer by market value, posted a 48 per cent fall in net profit for the September quarter - its worst quarterly profit decline in nearly two years - hit by a drop in sales.

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