Indias leading real estate developer DLF reported Friday that its net profit plunged by 93 percent in the fourth quarter, hit by a slumping property market.
New Delhi-based DLF, controlled by billionaire Kushal Pal Singh, said net profit sank to 1.59 billion rupees (32 million dollars) for the three months ended March 31, 2009, on revenues which slid 69 percent to 13.5 billion rupees.
Profit for the full year tumbled 41 percent to 46.3 billion rupees on sales that fell 28 percent to 105.4 billion rupees, the company said in a statement.
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