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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: India property giant DLF post 79% fall in profit AFP - Saturday, August 1 NEW DELHI (AFP) - - India's top real estate developer DLF on Friday posted a 79 percent plunge in first-quarter net profit, hit by a drop in demand for housing and commercial property, but said it saw signs of a rebound. ADVERTISEMENT The slide comes against a backdrop of falling sales of homes and office space in the country as economic growth falters under the weight of the global economic slump. The real estate market has been hit by high borrowing costs, tighter credit and construction oversupply, especially at the high end buyers' confidence has been hit. DLF, controlled by billionaire Kushal Pal Singh and his family, said net profit for the three months to June 30 slid to 3.96 billion rupees (82.14 million dollars) from 18.64 billion rupees a year earlier. Revenues tumbled 57 percent to 16.49 billion rupees. But the New Delhi-based company said it detected signs of an upturn. "After a few difficult quarters in the last fiscal year, we have seen a fairly good first quarter of the current fiscal (year)," DLF vice chairman Rajiv Singh said. "The economy on the whole has been showing signs of recovery and activity in the real estate sector has picked up suitably," he said in a statement. While profits have fallen sharply from the same period a year earlier, they have improved from the net profit of 1.59 billion rupees DLF posted in the final quarter of the last fiscal year to March. But the net profit for the first-quarter was still below analysts' forecasts of around of five billion rupees. Despite the downturn, analysts believe that in the longer term India is a good property investment bet -- one of the last few major countries where there is primary demand for real estate rather than individuals trading up. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business GLOBAL MARKETS-World stocks hit 9-1/2 month highs; oil slipsReuters - Saturday, August 1 US STOCKS-Wall St gains on recovery bets, but cautiousReuters - Saturday, August 1 Euro pares gains vs yen after Treasury auctionReuters - Friday, July 31 Russia starts new pipeline, Exxon under pressureReuters - Friday, July 31 US STOCKS SNAPSHOT-Wall St extends gains after Treasury auctionReuters - Friday, July 31 Enlarge Photo India property giant DLF post 79% fall in profit Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Custody deal agreed for Jackson's children Sunbeds elevated to top cancer risk level: WHO Beer flows as Obama tries to cool down a hot furor Comets probably won't cause the end of life as we know it: study Organic food not healthier, says British study 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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