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Second quarter results put DLF into worry

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According to the sources saying at the www.propertykhazana.com, DLF Ltd. registered 78% fall in its total profit in the 2nd quarter, as demand for realty carried on to be slow compared to previous year and the firm registered a profit of Rs. 500 Crores in the quarter, compared to Rs. 2,000 Crores in the same quarter which displayed the condensed results proclaimed by the firm. Other receipts and auctions in the quarter also immersed 55% to Rs. 1,800 Crores. Other realty firms also witnessed the same immerse in the auctions and profits, Housing Development & Infrastructure Ltd. (HDIL) registered 45% plunge in a total profit to Rs. 150 Crores, as Sobha Developers net profit decreased by 40% to Rs. 30 Crores in the quarter. Analysts said to www.propertykhazana.com that, “They were expecting for such immerses in the numbers, the truth is that the 2nd quarter of previous year was excellent for several realty firms.”
Analyst with Alchemy Shares & Stock Brokers said to www.propertykhazana.com that, “The year 2009 was excellent for many realty firms, but from coming quarter onwards it does not make any logic to compare on yearly outlook.” Even if firms are witnessing a recovery in demand, Vice Chairman of DLF Ltd. said to www.propertykhazana.com that, “When the demand is revivaled the auctions in residences will pick up automatically. Preserving the same link with this raise in demand we will carry on starting a combine of striking products across the places.” Company is also aiming to sell non-core properties, he said, “We stay attached to reduce the balance sheet and sales on auction of non-core properties which are presently in progress.” Sales commenced to rise up from June and we are witnessing 30% increase in demand for our forthcoming ventures and the firm will start to take back the discounts which it had given for its housing ventures, said the officer of Sobha Developers. For further information’s on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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