DLF says improved sales at least a year away

DLF, India's biggest listed property developer , posted a 22 per cent slide in quarterly net profit amid a market slump due to high interest rates and weaker economic growth, and said it may take at least 12 months for sales momentum to improve.

DLF is also in talks with private equity firms about selling stakes in some projects, according to a presentation on its website.

It is on target to achieve an annuity income of Rs 2400 crore ($375 million) by the end of the fiscal year to March 2016.

DLF has previously said it has hired investment banks JPMorgan and Morgan Stanley to advise it on planned listings of real estate investment trusts and other efforts to raise cash. The company plans to list two REITs.

(Reuters)