Unitech Q1 profits down 53%

Our Bureau New Delhi | Updated on August 14, 2012 Published on August 14, 2012

Real estate major Unitech reported a 53 per cent dip in its net profit at Rs 45.88 crore for the first quarter ended June 30 compared with Rs 98.36 crore in the year-ago period.

Net sales for the current quarter stood at 407.74 crore, down 33.7 per cent, compared with Rs 615.46 crore in the same period a year ago, a statement from Unitech said.

The company said its consolidated net debt as of March 31 stood at Rs 5,399 crore.

The consolidated net debt was reduced by Rs 325 crore during the financial year ended March 31.

Ajay Chandra, Managing Director, Unitech Ltd, said, “Company’s focus continues to be on ramping up the construction activity and is taking several measures to this end. A lot of emphasis is also being laid on improving various processes to drive efficiencies and reduce costs.”

He added, “Retail home loan rates have seen a marginal reduction and the market demand for real estate product remained stable during the quarter. The company achieved sales bookings of 1.51 million sq. ft during the quarter. There has also been an improvement in prices realised during the quarter with the average realisation per-sq.-ft increasing by approximately 6.5 per cent as compared with the previous quarter. In terms of value, sales bookings during the quarter stood at Rs 701 crore.”

Shares of Unitech were trading at Rs 21.30 a piece on the BSE, down 0.93 per cent.

Published on August 14, 2012
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