DLF's Q1 profit drops 80% as debt cutting continues

DLF Ltd, the country’s largest real estate developer, today reported a decline of 79 percent in its consolidated net profit for the first quarter of 2009-10.

Profit dropped to Rs 396 crore for the three months ended June 30, as compared with a profit of Rs 1,864 crore for the corresponding period last year. This follows a drop of 93 per cent in the fourth quarter profit for the previous fiscal year.

Revenue for the first quarter of FY10 came down by 57 per cent to Rs 1,649.9 crore, as compared with Rs 3,810.6 crore for the corresponding period last year. The company vice chairman, Rajiv Singh, said: “After a few difficult quarters last fiscal, we have seen a fairly good first quarter of the current fiscal. The construction activity has gained momentum and response to new launches has been encouraging.”