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DLF Posts First-ever Quarterly Loss, Misses Estimates

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DLF, India's largest real estate developer, posted its first ever quarterly net loss of Rs 4.19 crore for the January-March quarter, against a net profit of Rs 211.70 crore in same quarter a year-ago, weighed down by slowing home sales in a sluggish economy.

Losses of Rs 77 crore in its insurance and hotel subsidiaries contributed to the overall quarterly loss, the company said in a statement late on Thursday.

DLF, which builds homes, offices and shopping malls, has lost about 61 per cent of its value since listing on the stock exchange in 2007, underperforming the wider market which is up 36 per cent over the same period.

DLF was valued by the market at $6.5 billion as of Thursday's close.

The sale of homes in the area around capital city New Delhi, DLF's main market, fell 18 per cent in the quarter ended March, the steepest regional drop in the country, according to Mumbai-based property data analysis firm Liases Foras.

DLF revenues for the fiscal fourth quarter were down 15 per cent at Rs 2,230 crore from a year earlier.

Analysts on average expected the company to post net profit of Rs 190 crore on revenues of Rs 1,980 crore, according to Thomson Reuters Starmine.

(Reuters)