DLF Q2 profit falls 11 percentNovember 10th, 2011 - 10:36 pm ICT by IANS
New Delhi, Nov 10 (IANS) DLF, one of India’s largest real estate developers, said Thursday its net profit fell 11 percent to Rs.372 crore in the second quarter of current fiscal against Rs.418 crore during the corresponding period of last year.
The company recorded consolidated revenues of Rs.2,577 crore for the quarter ended Sep 30, 2011, an increase of 2 percent from Rs.2,520 crore during the same period a year ago.
Slowing sales amid high interest rates and rising input costs have affected earnings of the company.
“The real estate industry continues to witness a challenging economic environment with customers deferring their buying decisions due to higher interest rates coupled with a decline in the number of new launches, leading to lower sales volumes in the quarter,” DLF said in a statement.
“The company too witnessed muted sale volumes as its previous product offerings received a strong customer response and it did not have much unsold inventory. Sales volumes of the company were further impacted by the delay in the approvals of the new launches,” it said.
For the first six months of 2011-12, the company recorded consolidated revenues of Rs.5,080 crore, an increase of 9 percent year-on-year.
However the company’s net profit has declined to Rs.731 crore for April-September period as compared to Rs.829 crore in the corresponding period of last year.
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Tags: consolidated revenues, crore, customer response, decisions, decline, earnings, economic environment, high interest rates, input costs, inventory sales, net profit, New Delhi, new launches, product offerings, q2 profit, real estate developers, rs 2, second quarter, six months, unsold inventory