DLF quarterly profit falls 63 percent on home sales
MUMBAI (Reuters) - DLF Ltd (DLF.NS), 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 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.
(Reporting by Aditi Shah; Editing by Aradhana Aravindan)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Barack Obama in India
In a glow of bonhomie, U.S. President Barack Obama and Indian Prime Minister Narendra Modi announced a breakthrough on nuclear trade on Sunday, a step that both sides hope will help establish an enduring strategic partnership. Full Article
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article