DLF Ltd India’s top listed developer, said it would focus on selling “non-strategic” assets and reducing operating expenses, as it battles a slowdown in property sales.

It said challenging market conditions would continue in the foreseeable future and its aim was to boost liquidity and cash flows rather than growth in the short and medium term.

“Unlocking non-strategic assets with no medium-term utility” is a focus area, the company said in a statement on the weekend.

New Delhi-based DLF reported on Saturday a 69 percent slump in quarterly profit to 6.71 billion rupees ($137 million), while revenue fell 59 percent.

The company has called a news conference at 2 p.m. to give details about the quarterly results.

Earlier rival Unitech’s quarterly profit fell 74 percent to 1.36 billion rupees. ($1=49 rupees) (Reporting by Devidutta Tripathy.

source:http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSDEL39373320090202