DLF's wholly-owned subsidiary - DLF Hotel Holdings, has divested its entire shareholding in Adone Hotels and Hospitality (Adone) for Rs 567 crore. Pursuant to this disinvestment, Adone and its wholly-owned subsidiary, Marala Real Estate, ceased to be subsidiaries of the company.
The above transaction is in line with the DLF’s stated objective of divesting its non-strategic assets.
The company’s net profit for the fourth quarter ended March 31, 2012 plunged by 60.53% at Rs 290.87 crore as compared to Rs 736.94 crore for the quarter ended March 31, 2011. The company’s total income has decreased by 17.57% to Rs 1259.98 crore for the January-March quarter from Rs 1528.59 crore for the corresponding quarter of the previous year.
