New Delhi: DLF Ltd reported a net loss of Rs 72 crore during the first quarter ended June, impacted by high fixed cost at a time when the company’s operations were either halted or slowed down due to lockdown.
The country’s biggest listed real estate developer which builds homes, offices and shopping malls, had posted a net profit of Rs413 crore a year ago. Consolidated income fell 58% to Rs 647 crore, the company said on Wednesday.
“The company remains focussed on maintaining sufficient liquidity, tight cash management and gearing up for the future. The company did not avail any moratorium on its debt facilities and continues to honor all its financial obligations on time. The company expects that as REITs grow in number and scale, the rental business will have higher access to liquidity and more transparent valuation benchmarks,” it said in a statement.
DLF said office business continues to hold on with collections of more than 95% for the quarter but retail business was impacted owing to retail malls remaining shut. Due to lockdown, the residential segment was muted and had lower new sales booking at Rs 165 crore, although it is witnessing a pickup in enquiries and some early green shoots of demand.
New products under planning and execution currently stand at around 21 million square feet, while construction has recommenced at all its sites with operations at 65% of pre-covid levels.