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Our Bureau

To invest Rs 10,000 cr in malls, hotels

New Delhi May 28 Bullish on the retail and hospitality sectors, real estate player Unitech Ltd plans big-ticket investment in these sectors in the next two years. "We will invest Rs 10,000 crore in shopping centres and hotels in the next two years. We plan to develop 7-8 malls and about 28 hotels. Construction has begun for four hotels," said Mr Sanjay Chandra, Managing Director, Unitech.

The company's net profit jumped to Rs 357 crore for the last quarter ended March 31, against Rs 35.46 crore in the same quarter the previous fiscal. Total sales rose to Rs 884.15 crore (Rs 220.47 crore).

Net profit for entire year 2006-07 stood at Rs 983.56 crore, up 1,312 per cent from Rs 69.65 crore in the previous fiscal. Total sales for the entire year registered 285 per cent increase at Rs 2,599.64 crore, up from Rs 674.75 crore in the previous fiscal.

The company recommended issuance of bonus shares in the ration of 1:1. It also announced a dividend of 25 per cent for the fiscal 2006-07.

Related Stories:
Unitech Q4 net up at Rs 35 cr

More Stories on : Real Estate & Construction | Bonus Announcements

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