Mercator Ltd posted a net loss of Rs 28.70 crore for the quarter ended June 30, 2017, on the back of lower income. Implementation of RERA (the real estate law) and GST has continued to elongate the sales cycle. The decline in net profit in the June quarter is mainly owing to the one-time extraordinary gain of Rs329 crore from the sale of DT Cinemas to PVR group in the year-ago quarter. "The company expects that sector would achieve normalcy over next 2-3 quarters".
The demand for office leasing space continues to be good for the company.
In March, DLF promoters K P Singh and family had entered into an exclusivity pact with Singapore's sovereign wealth fund GIC for the stake sale.
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"Though the results are below expectations due to unforeseen disruption in some key markets where the company operates, it was a quarter of major consolidation and capacity building across functions, which makes the Group well positioned for the economic upturn expected in the coming months and the next fiscal year", said company Chairman Harsh V. Lodha.
India's largest real estate firm DLF Ltd continued to burn cash on account of construction spend and weak home sales in the April-June quarter and anticipates a temporary spike in net debt levels, it said in an analyst presentation on Saturday night.
In February past year, the company had signed a definitive share purchase agreement with Reliance Infrastructure for acquisition of its entire cement business for an enterprise value of Rs 4,800 crore.