DLF net up 10.5 percent at 2.85 billion rupees, misses estimates
MUMBAI (Reuters) - DLF Ltd(DLF.NS), India's largest listed real estate developer, reported a 10.5 percent rise in quarterly net profit, helped by a one-time gain from the sale of non-core assets during the quarter ended Dec 31.
The New Delhi-based developer said consolidated net profit for its fiscal third quarter was 2.85 billion rupees compared with 2.58 billion rupees a year earlier.
In November, DLF concluded the sale of a 17-acre plot of land in Mumbai to private developer Lodha for 27 billion rupees, making a one-time, pre-tax gain of 8.4 billion rupees on the sale which boosted its overall profits.
Sales were down nearly 36 percent at 13.1 billion rupees over the same period.
Analysts expected the company to post net profit of 4.25 billion rupees, according to Thomson Reuters I/B/E/S.
(Reporting by Aditi Shah; Editing by Elaine Hardcastle)
- Tweet this
- Share this
- Digg this
Indian drugmakers are fleeing a regulatory morass at home and moving some research and development to Europe and the United States as try to boost margins by producing high-value drugs. India's $15 billion a year pharma industry is already reeling from a string of drug recalls and quality control issues which have called into question the regulator's oversight. Full Article
Adani buys Australia coal mine royalty rights from Linc for $145 million Full Article