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Assets sale to promoter firm boosts DLF profit (Live mint.com 31th Jan 2008)DLF Ltd, India’s largest listed developer, on Wednesday reported a net profit of Rs2,145 crore for the quarter ended December as more people bought its developments and it sold properties more profitably to its promoter entity, a business model it has adopted to good effect since last year.
The company did not provide comparable figures for 2006 because it wasn’t listed at the time.
DLF sold about Rs1,850 crore worth of properties to DLF Assets Ltd (DAL) this quarter, and booked the profits for the entire amount. However, it hasn’t received the full amount for this. Booking profits on such so-called receivables is allowed under the country’s accounting laws.
DLF wouldn’t say what the actual receivables are for the quarter. It plans to list DAL assets in Singapore by June. “We will get the remaining money from DAL after their IPO (initial public offering)” said Ramesh Sanka, DLF’s chief financial officer. More
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