Real Estate

Unitech pegs loss at ₹14.69 cr, awaits more demand for housing

| | Updated on: Nov 12, 2014

Real estate major Unitech Ltd has posted a net loss of ₹14.69 crore for the second quarter of this fiscal. For the corresponding quarter last year, it had posted a profit of ₹25.57 crore. Sanjay Chandra, Managing Director of Unitech, said, “Strong demand from the office space and renewed optimism of the last few months is yet to translate into improvement in demand for residential housing space. Unitech is continuing with its interim strategy of monetising land parcels for which there are no immediate plans.”

The company’s total income from operations (net) fell almost 36 per cent to ₹383.72 crore for the July-September quarter compared to ₹595.75 crore in the same period last year. Unitech’s consolidated net debt as of September 30 was ₹6,381 crore, the company said in a statement.

Published on November 12, 2014

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