DLF net drops 49% in Q3 on loss provision
New Delhi: DLF Ltd, the country’s largest listed real estate developer reported a 49 per cent fall in net profit, at Rs 145.29 crore, on Friday. The figures are for the third quarter ended December 31, 2013 and are compared with Rs 284.8 crore in the same period last year.
Total income rose to Rs 2,590.20 crore in the quarter ended December, from Rs 2,291.25 crore in the year-ago period. Income from operations rose 57 per cent to Rs 2,058.42 crore during October-December 2013, as against Rs 1,310.04 crore in the corresponding quarter of previous year, DLF said in a filing to the BSE.
Profits dipped due to an increase in finance cost to Rs 633 crore during the third quarter of financial year 2013-14, from Rs 581 crore in the corresponding quarter of the previous year. The company said it had made a loan loss provision of Rs 411 crore in the books of accounts related to its settlement with the Delhi Development Authority (DDA).
DLF recently announced a final settlement with DDA in the Dwarka Convention Centre project. It received a refund of Rs 675.81 crore from DDA as full and final settlement, after forfeiture of 25 per cent of the earnest money.
DLF said the board has approved the reappointment of Rajiv Singh as Vice-Chairman for a period of five years with effect from April 9. The board also approved the appointment of Mohit Gujral and Rajeev Talwar as whole-time directors for a period of five years.