Hit hard by a one-off loss, Indian real estate developer DLF Ltd on Friday reported a decline of 49 per cent in its quarterly net profit.

The country's biggest real estate developer said in a statement that its consolidated net profit slipped to Rs 1.45 billion in the October-December quarter of current fiscal, from Rs 2.85 billion in the corresponding quarter of the previous fiscal.

The third quarter results included an exceptional charge of Rs 4.11 billion over a 'foreseeable loss' on account of a settlement of a dispute with the Delhi Development Authority (DDA) over a real estate project.

DLF said in the statement, "Though, the transaction was completed subsequent to the quarter end, a foreseeable loss of Rs 411.39 crore is recorded and disclosed as an exceptional item in these consolidated financial results."

However, net profit for the quarter under review is still higher than five analysts' average projection of Rs 1.2 billion.

The developer's income from operations jumped from Rs 13.10 billion to 20.58 billion. Finance cost jumped to Rs 633 crore during the three months ended December 31, 2013, from Rs 581 crore in the same three-month period of the previous year.

Total income increased from Rs 2,291.25 crore to Rs 2,590.20 crore.

The real estate developer also announced the reappointment of Rajiv Singh as Vice-Chairman and the appointment of Rajeev Talwar and Mohit Gujral as whole-time directors for a period of next five years.