DLF Ltd profit falls 27% in Q2
DLF Ltd, India's top real estate developer, posted a 27% fall in its consolidated net profit for the July-September quarter, hit by slowing home sales in Asia's third-largest economy.business Updated: Oct 31, 2013 11:41 IST
DLF Ltd, India's top real estate developer, posted a 27% 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 he fiscal second quarter was 1 billion rupees ($16.3 million) compared with 1.38 billion rupees a year earlier.
The profit fell short of analyst expectations of 1.4 billion rupees.
Total revenue was 19.56 billion rupees, down from 20.4 billion rupees posted during the same period last year.
On Wednesday, Oberoi Realty Ltd, India's second-largest developer by market value, posted a 48% fall in net profit for the September quarter - its worst quarterly profit decline in nearly two years - hit by a drop in sales.
First Published: Oct 31, 2013 11:38 IST