Financial Daily from THE HINDU group of publications
Wednesday, May 31, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 31, 2006 |
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Corporate Results
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Real Estate & Construction Markets - IPOs Our Bureau
New Delhi , May 30 DLF Universal has announced a net profit of Rs 199.4 crore for the year ended March 2006, as against Rs 83.7 crore in the previous year, and said that its proposed mega public offer was "on track". The company's turnover during the period in reference stood at Rs 1259.1 crore compared to Rs 630.2 crore in the previous fiscal.
Accounting policy
Pursuant to the guidance note on recognition of revenue by real estate developers issued by the ICAI, the Group has changed the accounting policy for recognising revenue in respect of constructed properties including those covered under agreement to sell commercial space entered into with subsidiary, from the year of registration of the sale deed of the property to a percentage completion method, the company said. According to the percentage completion method for the year 2005-06, the company's net profit stands at Rs 411 crore against Rs 85.91 crore in the previous fiscal. "However, as per the stipulated norms, this method has to be restated into the previous years and hence the net profit comes to Rs 199.4 crore," Mr Ramesh Sanka, Group CFO of DLF Universal, said.
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