Real estate major Unitech lowered debt by Rs 325 cr in FY12

NEW DELHI: Real estate player Unitech has cut its consolidated net debt by Rs 325 crore in the last financial year 2011-12 to almost Rs 5,400 crore.

The firm's debt was at Rs 5,399 crore till March 31, 2012.

Recently, Unitech posted 53% fall in consolidated net profit to Rs 45.88 crore in the quarter ended June 30 as compared to Rs 98.36 crore in the same period last year

The net income slipped by 36% to Rs 442.28 crore during the first quarter of this fiscal as against Rs 686.83 crore in the April-June period of last year.

The realty major attained sales bookings of 1.51 million sq ft of Rs 701 crore in the June quarter.

Unitech Managing Director Ajay Chandra had said, “The 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.”