DLF Limited shares today fell nearly three per cent in morning trade on the bourses after the realty major reported a consolidated net loss of Rs 4.19 crore in the fourth quarter of the 2012-13 fiscal.
DLF had yesterday posted consolidated net loss of Rs 4.19 crore in the fourth quarter of the 2012-13 fiscal,due to poor sales and losses of subsidiaries. It had clocked a net profit of Rs 211.70 crore in the January-March quarter of 2011-12 fiscal.
Reacting to the numbers,shares of the company opened at Rs 205,then dropped 2.91 per cent to an intra-day low of Rs 200 on the BSE.
Similar movement was witnessed on the National Stock Exchange as well,where the stock of the company opened at Rs 205,then lost ground and sank 2.79 per cent to a day’s low of Rs 200.
Marketmen attributed the slump in the counter as a knee jerk reaction to the bad numbers. Moreover the overall sentiment in the market was also weak as the benchmark sensitive index Sensex was trading down 242 points.
The company’s performance took a beating as its total sales were down during the quarter under the review.
Besides,the company suffered a total loss of Rs 77.35 crore from its hotel business and its subsidiary firm DLF Pramerica Life Insurance company.
DLF Limited posts first ever quarterly loss,misses estimates
(Reuters) DLF Ltd,India’s largest real estate developer,posted its first ever quarterly net loss of 41.9 million rupees ($745,000) for the January-March quarter,weighed down by slowing home sales in a sluggish economy.
Losses of 770 million rupees 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 percent of its value since listing on the stock exchange in 2007,underperforming the wider market which is up 36 percent 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 percent in the quarter ended March,the steepest regional drop in the country,according to Mumbai-based property data analysis firm Liases Foras.
DLF had reported a net profit of 2.12 billion rupees in the year ago quarter. Revenues for the fiscal fourth quarter were down 15 percent at 22.3 billion rupees from a year earlier.
Analysts on average expected the company to post net profit of 1.9 billion rupees on revenues of 19.8 billion rupees,according to Thomson Reuters Starmine.