DLF net profit doubles to Rs 261 cr

Income from operations dips 22% to Rs 1,867 cr

Aided by the sale of its flagship movie theatre chain DT Cinemas to PVR for Rs 372 crore, real estate firm DLF on Monday reported a twofold jump in consolidated net profit to Rs 261 crore for the quarter ended June.

According to its filings with the BSE, the net profit had stood at Rs 126 crore in the April-June quarter of the past financial year. Income from operations fell 22 per cent to Rs 1,867 crore during the first quarter of FY17 from Rs 2,389 crore in the year-ago period.

DLF's total income, however, declined to Rs 2,026 crore in the quarter under review from Rs 2,520 crore in the year-ago period. The company's finance cost increased to Rs 748 crore from Rs 622 crore.

DLF has booked a profit before tax of Rs 372 crore under an exceptional item, from the sale of its cinema business. In May, it had entered into an amended agreement to sell its 32 screens of DT Cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore. The company has a land bank of 281 million sq ft, of which 37 mn sq ft is under construction.