DLF's profit declines 5% in June quarter

Posts Rs 122 cr profit for the quarter; revenues grow 27% at Rs 2,346 cr

DLF, the country’s largest real estate firm, has posted a five per cent decline in  consolidated net profit at Rs 121.6 crore for the June quarter due to higher finance cost. The net profit stood at Rs 128 crore in the same quarter last year.

During the first quarter, the finance costs increased to Rs 604 crore from Rs 558 crore.  Consolidated revenues grew 27 per cent at Rs 2,346 crore during the April-June quarter, against Rs 1,852 crore in the same quarter previous year.

On standalone basis, the company posted a net loss of Rs 102 crore for the quarter ended June, against a net profit of Rs 73 crore in the year-ago period. Total standalone income decreased to Rs 536 crore for the quarter ended June, from Rs 762 crore for the quarter ended

June 2014. About 0.16 million square feet (msf) sales were booked during the quarter,while leasing volumes stood at 0.21 msf.

It also delivered over 1.2 msf of area during the quarter. At the end of the first quarter, about 45 msf was under construction.

In a statement DLF said it continues to focus on execution of projects and expects to deliver about 20 msf over next few quarters, resulting in creation of finished product inventory. “It would be more fruitful to be prepared for the up cycle in the market by readying finished stock rather than launching new projects in these tepid market conditions,” the company said.