DLF posts Rs 219.68 cr profit in Q4 on Amanresorts sale

Making a turnaround, country's largest realty firm DLF has reported a consolidated net profit of Rs 219.68 crore for the quarter ended March, 2014 on the back of gains from sale of hotel chain Amanresorts.

The company had registered a net loss of Rs 4.19 crore in the year-ago period.

Total income from operations fell by 11.5 per cent to Rs 1,969.45 crore in the fourth quarter of the last fiscal against Rs 2,225.55 crore in the corresponding period of previous year.

DLF posted net profit in March 2014 quarter helped by a sharp jump in other income to Rs 552.15 crore from Rs 93.24 crore in the year-ago period.

"The other income includes about Rs 250 crore profit from divestment of Amanresorts," DLF CFO Ashok Tyagi told PTI.

In February, DLF had sold Amanresorts to its original founder Adrian Zecha for $358 million (about Rs 2,200 crore).

For the full fiscal, DLF's net profit declined by 9 per cent to Rs 646.21 crore from Rs 711.92 crore in the previous year. However, total income from operations for the full fiscal increased by 6.75 per cent to Rs 8,298.04 crore from Rs 7,772.84 crore in 2012-13.

The turnover rose by 8 per cent to Rs 9,789.59 crore from Rs 9,095.74 crore in 2012-13.

In a statement, DLF said it raised about Rs 5,930 crore during last fiscal through divestments of non-core assets.

"The company achieved gross sales of 3.74 million sq ft during last fiscal. It completed projects of 4.26 million sq ft and delivery is under way. DLF leased 1.7 million sq ft of office space in FY 2014. Overall annuity income grew to Rs 1,950 crore (approx)," DLF said.

The board has recommended a dividend of Rs 2 per share on the face value of Rs 2 each.