Unitech posts 47% fall in net profit during Sept quarter

NEW DELHI: Unitech Ltd has registered 47% decline in the consolidated net profit during the three months ended September 2011 as it has been affected by stronger real estate, construction expenses and also the employee costs.

The net profit was at Rs 92.5 crore during the September quarter as against Rs 173.8 crore in corresponding quarter of last year.
Unitech has stated that the debt has became lower by Rs 191 crore during the September quarter. As of September 30, the company had witnessed consolidated net debt of Rs 5,144 crore. In the first half of the current financial year (April-September), the firm has reduced its debt to Rs 394.7 crore.

The net income has slipped by 1.3% to Rs 666.4 crore.

Mr Ajay Chandra, Unitech Managing Director, said, “Apart from continuing with the strategy of offering products targeted at affordable and mid-income housing segments, the company has been taking various measures to not only deal with the current situation but also position itself to benefit once the business environment starts improving.”

The net area of projects unveiled during the current calendar year crosses the original target of 10- million square feet.