Home BusinessDLF's net profit dips 30%
DLF, the country’s largest real estate developer, posted a 30 per cent dip in its consolidated net profit for the quarter ended December 31, 2009, on account of losses arising from non-core businesses of the company as well as continuing stress in the business environment.
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The company posted a net profit of Rs 468 crore during the quarter against Rs 671 crore in the same quarter in the previous financial year.
These consolidated numbers include the loss of nearly Rs 85 crore arising from non-core businesses of hotels (loss of Rs 56 crore), life insurance (Rs 27 crore) and retail brand business (Rs 1 crore).
Total income during the quarter was, however, up 43 per cent to Rs 2,152 crore against Rs 1,503 crore in the corresponding quarter last year. On a standalone basis, DLF posted a 26 per cent rise in net profit during the quarter to Rs 224 crore against Rs 178 crore in the same quarter in the previous year. Total income was up 49 per cent during the quarter to Rs 1,017 crore.
“With the economy on the path of recovery, we witnessed renewed demand for luxury/high-end housing. We are on track to meet our targets in current fiscal,” DLF Vice-Chairman Rajiv Singh said.