DLF net profit dips 41 percent

May 1st, 2009 - 2:11 pm ICT by IANS  

Mumbai, May 1 (IANS) Realty major DLF Friday said its net profit dipped over 41 percent for the year ended March 31 to Rs.4,629 crore (Rs.46.29 billion/$938 million) from Rs.7,821 crore (Rs.78.21 billion/$1.6 billion) earned the previous year.
The company’s total consolidated income for the period under review was Rs.10,541 crore - a decrease of a little over 28 percent from the previous fiscal’s Rs.14,684 crore.

For the last quarter of 2008-09, the company’s consolidated net profit crashed to Rs.159 crore from Rs.2,177 crore, while consolidated total income plummeted to Rs.1,351 crore from Rs.4,372 crore.

Other than the slump in the realty sector, the company said its revenues were hit by a loss of Rs.1,845 crore incurred by subsidiaries involved in non-core businesses.

DLF also made a provision for doubtful debts in two of its subsidiaries totalling a little over Rs.51 crore.

The company also gave discounts to woo customers which hit the firm’s revenues by Rs.688 crore.

During the fiscal 2008-09, the company acquired land parcels worth Rs.5,670 crore.

The real estate giant, has seen its scrip plummet on the Bombay Stock Exchange (BSE) from a 52-week high of Rs.739 May 5, 2008 to Rs.124.15 in February 2009. Its last traded price Wednesday as Rs.231.

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