DLF reports first ever quarterly loss
Afflict by sluggish economy and declined home sales, real estate developer DLF Ltd on Thursday reported its first ever quarterly net loss for the three months ended March 31, 2013.
DLF announced that it suffered a net loss of Rs 41.9 million (nearly $745,000) for the January-March quarter of this year, adding that its losses of Rs 770 million in its hotel and insurance subsidiaries added to its overall quarterly loss.
The results missed analysts’ estimates. Analysts had projected a net profit of Rs 1.9 billion on revenues of Rs 19.8 billion.
In the January-March quarter of 2012, the company had pocketed a net profit of Rs 2.12 billion.
The company’s first quarterly net loss further discouraged investors. Stock in DLF slipped as much as 2.8 per cent in early trade on Friday.
The real estate giant, which constructs houses, offices and shopping malls, has lost nearly 61 per cent of its market value since it listed on the stock exchange in the year 2007, while the wider market gained 36 per cent over the same period of time.
As of Thursday’s close, DLF was valued by the market at $6.5 billion.