Realty major DLF Ltd on Friday announced a consolidated net loss of Rs 4 crore for the quarter ended March 31, 2013, against a net profit of Rs 212 crore a year ago, mainly due to poor sales and losses of subsidiaries.
The KP Singh-led company is looking to reduce debt by 50% in three years. The company’s debt stood at Rs 21,350 crore as on December 31, 2012.
“The company expects to double its EBITDA and reduce its debt by 50% over the next three years,” said Ashok Tyagi, chief financial offficer, DLF Group.
Following the news, DLF shares slumped 6% intra-day, before closing down 5% to Rs 195 on the BSE, leading to a Rs 1,894 crore loss in market value.