Real estate major DLF Ltd has posted a consolidated net loss of Rs 4.19 crore for the fourth quarter ended March 31, 2013 compared with a net profit of Rs 211.70 crore in the same period a year ago. The company’s total income from operations declined 15 per cent to Rs 2,225.55 crore (Rs 2,616.78 crore). Its board has recommended a dividend of Rs 2 per share (100 per cent) for the 2012-13 financial year.
The company’s debt stood at Rs 21,350 crore as on December 31, 2012.
Sales down
DLF’s performance during the fourth quarter as well as in the entire fiscal took a beating due to a decline in total sales. Besides, the company registered a loss of Rs 326.24 crore from its hotel business and its subsidiary, DLF Pramerica Life Insurance Company.
For the entire fiscal, DLF said its net profit declined 41 per cent to Rs 711.92 crore (Rs 1,200.82 crore). Net income also declined to Rs 7,772.84 crore (Rs 9,629.38 crore).
“The revision in the accounting guidance note on real estate issued by the ICAI adversely impacted the recognition of revenues on the new projects launched during FY13 and as a result reduced profits,” the company statement said.
DLF said that during the fiscal it realised about Rs 3,160 crore through divestments of non-core assets with its overall annuity income growing to Rs 1,850 crore.
Meanwhile, the DLF Global Hospitality Ltd (DGHL) deal with Silverlink could not be closed as per earlier schedules timelines and has been now been extended to June 2013.