Business Daily from THE HINDU group of publications
Friday, Oct 30, 2009
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Business Daily from THE HINDU group of publications Friday, Oct 30, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Real Estate & Construction DLF net profit tanks 77% in Q2 Our Bureau New Delhi, Oct. 29 Real estate major DLF Ltd on Thursday posted a 77 per cent fall in its consolidated net profit for second quarter ended September 2009 at Rs 440 crore compared with Rs 1,935 crore earned in the previous corresponding quarter, but said that demand has recovered and housing sales have now picked up considerably. The revenue more than halved to Rs 1,810 crore in the just-ended quarter, largely due to the overall slowdown in the property market and also on account of absence of sales to DLF Assets Ltd – also promoted by the DLF Chairman, Mr K.P. Singh. In Q2 of FY09, sales to DAL had chipped-in 47 per cent to the net profits; DLF has now suspended fresh sales to DAL. DLF also said it is buying out Laing O’Rourke’s stake in DLF-LOR joint venture. It had announced the 50:50 joint venture with the UK-based Laing O’Rourke in February 2006 to tap the opportunities in India’s infrastructure projects. DLF said that the buy-out was aimed at better integration and strengthening execution. Seen sequentially, both the net profit and consolidated revenue have increased by 11 per cent and four per cent respectively. The EBITDA margins have improved to 53 per cent from 47 per cent in Q1. A company official said improved margins were also helped by higher realisations from phase II of DLF’s Capital Greens project in West Delhi, which was launched at a premium to phase I. Sale of non-core assets and land parcels is progressing as planned, the company said adding it has realised about Rs 550 crore in Q2; the company has sold two land parcels in Mumbai, a source said. With this, the cumulative realisation in the current fiscal now stands at Rs 1,064 crore. “As the demand has recovered, sales in homes have picked up considerably. Keeping in line with this pick up in demand, we will continue to launch a mix of attractive products across locations and generate buyer interest by providing excellent location and superior product specifications at the best price,” Mr Rajiv Singh, Vice-Chairman, DLF Ltd, said. On the outlook for leasing business segment of DLF, he said that the company was seeing increased enquiries and was hopeful that these would get converted into leases in the forthcoming quarters. “At our end, we plan to expedite execution and deliveries of pre-leased space,” Mr Singh said. Tax Department issues notice to DLF for assessment year 2007-08 DLF net tanks 79% in Q1; realty renewal seen Q4 turns worst ever for DLF on property slump, liquidity crunch More Stories on : Financial Performance | Real Estate & Construction | DLF Ltd
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