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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Indian property firm DLF Q4 profit dives 93% AFP - Saturday, May 2 NEW DELHI (AFP) - - India's leading real estate developer DLF reported Friday that its net profit plunged by 93 percent in the fourth quarter, hit by a slumping property market. ADVERTISEMENT New Delhi-based DLF, controlled by billionaire Kushal Pal Singh, said net profit sank to 1.59 billion rupees (32 million dollars) for the three months ended March 31, 2009, on revenues which slid 69 percent to 13.5 billion rupees. Profit for the full year tumbled 41 percent to 46.3 billion rupees on sales that fell 28 percent to 105.4 billion rupees, the company said in a statement. The company's profit slide came against the backdrop of a fall in sales of homes and office space as India's economic growth has declined. "The real estate sector bore the brunt of instability and loss of confidence in the local economic environment for the last six months," DLF vice-chairman Rajiv Singh said in the statement. "This has, hopefully, stabilised and in line with our earlier projections, real estate sector should start witnessing recovery from the third quarter onwards," he said. India's real estate market was hit by high borrowing costs, tighter credit and construction oversupply, especially at the high end, with the slowing economy and the global financial crisis knocking buyers' confidence. DLF's woes reflect a wider malaise gripping India's once-booming real estate market that drew a host of international investors, including private equity giant Blackstone, investment bank Goldman Sachs and General Electric. Some construction projects are now lying idle with many new residential, hotel and mall projects being put on hold, leaving thousands of people without work. In a bid to boost sales, DLF has been offering discounts to its real estate customers. Analysts say India needs more 50,000-dollar homes instead of luxury million-dollar residences. Despite the present gloom, longer term, analysts believe India is a good property investment bet -- one of the last few nations where there is primary demand for real estate rather than individuals trading up. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India Ranbaxy recalls Nitrofurantoin Capsules in U.S.Reuters - 1 hour 28 minutes ago US-BUSINESS SummaryReuters - 1 hour 43 minutes ago Major U.S. carriers cut Mexico serviceReuters - 1 hour 43 minutes ago Pakistani c.bank buys 41.6 bln rupees of T-billsReuters - 2 hours 24 minutes ago China's Shougang to open new steel mill in May - XinhuaReuters - 2 hours 31 minutes ago Enlarge Photo Indian property firm DLF Q4 profit dives 93% Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Kenyan women to sex-starve men -- for politics Chrysler begins court bid for quick bankruptcy exit Swine flu spreads economic shivers ExxonMobil profit plunges 58 percent Britney's ex-manager forced to stay away from star View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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