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India's DLF helped by one-off gain from plot of land

Source : REUTERS
Last Updated: Thu, Feb 14, 2013 21:30 hrs

MUMBAI, Feb 14 (Reuters) - DLF Ltd, India's largest listed real estate developer, reported a 10.5 percent rise in quarterly net profit, helped by a one-time gain from the sale of non-core assets during the quarter ended Dec 31.

The New Delhi-based developer said consolidated net profit for its fiscal third quarter was 2.85 billion rupees compared with 2.58 billion rupees ($47.97 million) a year earlier.

In November, DLF concluded the sale of a 17-acre plot of land in Mumbai to private developer Lodha for 27 billion rupees, making a one-time, pre-tax gain of 8.4 billion rupees on the sale which boosted its overall profits.

Sales were down nearly 36 percent at 13.1 billion rupees over the same period.

Analysts expected the company to post net profit of 4.25 billion rupees, according to Thomson Reuters I/B/E/S.

($1 = 53.7850 Indian rupees) (Reporting by Aditi Shah; Editing by Elaine Hardcastle)



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