DLF slips on Muhurat trade as net profits dips by 63%

NEW DELHI: DLF Ltd, slipped over 2 per cent in trade on Tuesday after the realty major reported a 62.8 per cent drop in its consolidated net profit for the quarter ended September 2012, to Rs 138.5 crore weighed down by decline in sales.

At 03:50 pm, DLF pared some of its early losses and was trading 1.8 per cent lower at Rs 202.45. It has hit a low of Rs 201.20 and a high of Rs 204 in trade today.

The consolidated sales during the second quarter fell 19.5% to Rs 2,039.5 crore from Rs 2,532.4 crore in the year-ago period, DLF said in a statement. The company's hotel and insurance businesses suffered a combined loss of Rs 82.9 crore during July-September period of 2012-13 financial year, it added.

“During the second quarter, DLF registered sales booking of 1.59 million sq ft of area. DLF also said it has sold non-core assets worth Rs 560 crore during July-September quarter, taking the total divestments proceeds till date to Rs 5,773 crore,” PTI said in a report.