February 14, 2013 / 4:52 PM / 5 years ago

DLF net up 10.5 percent at 2.85 billion rupees, misses estimates

A man cycles past the construction site of a residential apartment building by property developer DLF Ltd. in Gurgaon January 27, 2010.Adnan Abidi/Files

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

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