India's DLF reports Q4 profit on gain from Amanresorts sale

NEW DELHI Thu May 29, 2014 11:44pm EDT

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NEW DELHI May 30 (Reuters) - DLF Ltd., India's biggest real estate developer, reported a profit in the fourth quarter, helped by a gain from the sale of its Amanresorts luxury hotel chain.

DLF reported a consolidated net profit of 2.20 billion rupees ($37.3 million) in the January-March quarter compared with a loss of 41.9 million rupees in the year-ago quarter.

Revenue in the quarter fell 12 percent to 19.69 billion rupees as the company continues to battle a slowdown in sales of homes in a sluggish economy.

In February, DLF completed the sale of its Amanresorts luxury hotel chain back to original owner, Indonesia's Adrian Zecha, for an enterprise value of around $358 million. The deal was a part of the company's objective of divesting non-core assets. ($1 = 59.0150 Indian Rupees) (Reporting by Aditi Shah and Zeba Siddiqui; Editing by Anand Basu)

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