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DLF to sell assets to beat property slump

DLF to sell assets to beat property slump
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First Published: Mon, Feb 02 2009. 11 47 AM IST
Updated: Mon, Feb 02 2009. 11 47 AM IST
New Delhi: DLF Ltd, India’s top listed developer, said it would focus on selling “non-strategic” assets and reducing operating expenses, as it battles a slowdown in property sales.
It said challenging market conditions would continue in the foreseeable future and its aim was to boost liquidity and cash flows rather than growth in the short and medium term.
“Unlocking non-strategic assets with no medium-term utility” is a focus area, the company said in a statement on the weekend.
New Delhi-based DLF reported on Saturday a 69% slump in quarterly profit to Rs671 crore ($137 million), while revenue fell 59%.
The company has called a news conference at 2 pm to give details about the quarterly results.
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First Published: Mon, Feb 02 2009. 11 47 AM IST
More Topics: DLF | Assets | Property | Recession | Economy |