Business Daily from THE HINDU group of publications
Sunday, Nov 01, 2009
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Business Daily from THE HINDU group of publications Sunday, Nov 01, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Real Estate & Construction Web Extras - Outlook
Mr Sanjay Chandra Our Bureau New Delhi, Oct. 31 Real estate company Unitech Ltd on Saturday posted an over 50 per cent drop in its consolidated net profit for the second quarter ended September 2009 to about Rs 178 crore, as property market downturn hurt sales realisations on a year-on-year basis. The net profit stood at Rs 358.9 crore in the year ago period. The income from operations almost halved to Rs 509.49 crore in the second quarter, from Rs 985.2 crore in the same period previous year. Sequentially, however, the company fared better. The net profit during the quarter was 12.73 per cent higher over quarter ended June 2009. The Unitech Managing Director, Mr Sanjay Chandra, said that sequential growth in performance was heartening and that it hoped to maintain the momentum going forward. During the quarter, the company launched UniHomes – houses in the price range of Rs 10-25 lakh across six cities. “Encouraged by the strong response, the company plans to offer similar product in other cities. While the momentum in residential sales is continuing, there have been positive developments on leasing of IT space as well in the recent weeks,” he said. 
In the first half of FY10, the company has ramped up the construction activity at various project sites and currently has over 60 projects under execution.
“Workforce employed at project sites has increased nearly five fold during the first six months and currently stands at over 16,000 workers. The company is gearing itself up further to deliver over 30 million sq ft of space in the next 3 years,” he added. In the first half of the current fiscal, Unitech reduced its debt by Rs 2,397 crore. Total loan outstanding as of September 30, 2009 was Rs 6,659 crore. It has Rs 740 crore in cash and bank balance, a Unitech statement said. Unitech launched 30 new projects comprising an area of 21 million sq.ft in the first six months, of which bookings have been received for over 10 million sq. ft. across Gurgaon, Noida, Greater Noida, Chennai, Kolkata, Mumbai, Bhopal, Lucknow and Mohali. The total value of sales bookings till September, 2009 was about Rs. 4,000 crore, it claimed. On the wireless venture, it said that Unitech Wireless was making good progress and was on track towards launch of services in the current quarter under the brand name Uninor. During the quarter ended September 2009, it has entered into GSM contracts with Nokia Siemens networks and ZTE. It also signed a second tower sharing agreement with Indus and a pan India national roaming agreement with Idea. It has also closed contracts for IT and customer service, Unitech said. Unitech claims sales of Rs 4,000 cr between March and Sept Unitech logs sales of 6,000 residential units since April Unitech Q4 net falls 22% on slowdown More Stories on : Financial Performance | Real Estate & Construction | Outlook | Unitech Ltd
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