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Realty major DLF Ltd today reported a consolidated net loss of Rs 4.19 crore in the fourth quarter of the 2012-13 fiscal, due to poor sales and losses of subsidiaries.
It had clocked a net profit of Rs 211.70 crore in the January-March quarter of 2011-12 fiscal, the company said in a filing to the BSE.
The company's peformance took a beating as its total sales were down during the quarter under the review.
Besides, the company suffered a total loss of Rs 77.35 crore from its hotel business and its subsidiary firm DLF Pramerica Life Insurance Company.
The total income from operations declined by 15% to Rs 2,225.55 crore in the fourth quarter of the 2012-13 fiscal compared to Rs 2,616.78 crore in the same period corresponding year.
The company's board has recommended a dividend of Rs 2 per share (100%) for the 2012-13 financial year.
For the full 2012-13 fiscal, DLF Ltd said its net profit declined by 41% to Rs 711.92 crore as against Rs 1,200.82 crore in the previous fiscal.
Net income also declined to Rs 7,772.84 crore from Rs 9629.38 crore in the review period.
DLF, however, said if it had continued with the previous accounting policy with respect to accrual for timely payment rebate to customers with effect from April 1, 2012, revenues and net profit before tax for FY13 would have been higher by Rs 78.37 crore and Rs 76.69 crore, respectively.
Meanwhile, the company said DLF Global Hospitality Ltd (DGHL) deal with Silverlink could not be closed as per earlier timelines and has been now extended to June 2013.
"Pursuant to the terms of the share purchase agreement, management foresees an estimated loss of Rs 65 crore which has been recorded as an impairment of goodwill created on Silverlink consolidation in the quarter ended December 31, 2012," it said.
The shares of the company today declined by 2.16% to close at Rs 206 a piece on the BSE.
