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Real estate company DLF has reported a net profit of ₹261.42 crore in the April-June quarter of financial year 2016-17 against ₹125.87 crore reported in the corresponding quarter of the previous fiscal.
The company’s income from operations fell 20 per cent to ₹1,867.46 crore in the April-June quarter of financial year 2016-17 against ₹2,388.72 crore in the corresponding quarter of the previous fiscal.
In the quarter, DLF had received proceeds worth ₹333 crore from PVR Ltd post sale of the real estate company’s cinema business ‘DT Cinemas’ to PVR. This resulted in a one-time extraordinary gain of Rs. 372 crore which has been classified under exceptional items in the financial results. DLF is expected to receive the balance proceeds of ₹100 crore upon achievement of certain subsequent milestone, the company informed the BSE.
The finance costs for the company rose 20 per cent to ₹747.84 crore in the April-June quarter of financial year 2016-17 against ₹621.82 crore in the corresponding quarter of the previous fiscal, DLF informed BSE on Monday.
“The company expects increased momentum in the commercial space. As DLF has exhausted most of its available commercial stock, it has commenced construction of office space in Chennai IT SEZ in the second quarter. The construction of Cyber Park at full pace and finishing of luxury retail mall at Chanakyapuri is underway. DLF is focused on aggregating leases which are expiring to enable it to contract it to ‘high value’ high creditworthy tenants,” it said in a press statement.
The company’s shares at the BSE ended 1 per cent lower at ₹158.30 on Monday.
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