DLF reports Rs 4 crore net loss in Q4

Realty major DLF Ltd beat Street expectations on Thursday by reporting a consolidated net loss of Rs 4.19 crore in its fourth quarter of fiscal year 2012-13, due to poor sales and losses of subsidiaries.

It had clocked a net profit of Rs 211.70 crore in the January-March quarter of FY12, the company said in a filing to the BSE.

The company's performance took a beating as its total sales were down during the quarter under the review. Besides, the company suffered a total loss of Rs 77.35 crore from its hotel business and its subsidiary firm DLF Pramerica Life Insurance Company.

Total income from operations declined by 15 per cent to Rs 2,225.55 crore in the fourth quarter of FY13 compared to Rs 2,616.78 crore in the same period in the year-ago period.

The company's board has recommended a dividend of Rs 2 per share (100 per cent) for the 2012-13 financial year.

For the full FY13, DLF Ltd said its net profit declined by 41 per cent to Rs 711.92 crore as against Rs 1200.82 crore in fiscal year 2011-12.

Net income also declined to Rs 7,772.84 crore from Rs 9629.38 crore in the review period.

DLF, however, said if it had continued with the previous accounting policy with respect to accrual for timely payment rebate to customers with effect from April 1, 2012, revenues and net profit before tax for FY'13 would have been higher by Rs 78.37 crore and Rs 76.69 crore, respectively.

Meanwhile, the company said DLF Global Hospitality Ltd (DGHL) deal with Silverlink could not be closed as per earlier timelines and has been now extended to June 2013.

"Pursuant to the terms of the share purchase agreement, management foresees an estimated loss of Rs 65 crore which has been recorded as an impairment of goodwill create don Silverlink consolidation in the quarter ended December 31, 2012," it said.

Shares of the company, on Thursday, declined by 2.16 per cent to end at Rs 206 a piece on the BSE.