DLF Q2 net down 63% on slowing home sales

DLF Q2 net down 63% on slowing home sales

DLF, India's biggest property developer, reported a 63 percent fall in net profit for the July-September quarter, hit by slowing home sales in Asia's third-largest economy.

The New Delhi-based developer said consolidated net profit for the fiscal second quarter was Rs 139 crore compared with Rs 372 crore a year earlier.

Sales were down nearly 20 percent at Rs 204 crore over the same period.

Analysts expected the company to post net profit of Rs 269 crore, according to Thomson Reuters I/B/E/S.

Shares in DLF ended down 2.68 percent at Rs 205.5 on Monday before the earnings in a flat Mumbai market.

Copyright @ Thomson Reuters 2012