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DLF Q2 net down 63 pct on slowing home sales
MUMBAI |
MUMBAI Nov 12 (Reuters) - DLF Ltd, India's biggest property developer, reported a 63 percent fall in net profit for the July-September quarter, hit by slowing home sales in Asia's third-largest economy.
The New Delhi-based developer said consolidated net profit for the fiscal second quarter was 1.39 billion rupees($25.39 million) compared with 3.72 billion rupees a year earlier.
Sales were down nearly 20 percent at 20.4 billion rupees over the same period.
Analysts expected the company to post net profit of 2.69 billion rupees, according to Thomson Reuters I/B/E/S.
Shares in DLF ended down 2.68 percent at 205.5 rupees on Monday before the earnings in a flat Mumbai market. ($1 = 54.7550 Indian rupees) (Reporting by Aditi Shah; Editing by Aradhana Aravindan)
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