Unitech FY09 net down 28% at Rs 1,198 cr

Unitech, country’s second largest real estate company, has reported 27.93 per cent fall in profits.  The company’s profit for last financial year was Rs 1,197.71 crore. The lower profits were on account of sluggish demand in the past year amid high interest rates and an economic slowdown.

This was also reflected in the company’s income, which showed a decline of 30.21 per cent. The net sales for financial year 2008-09 were Rs 2889.74 crore.

On a standalone basis, the profit after tax was down 28.24 per cent to Rs 739.66 crore. The net sales were down 33.97 per cent to Rs 1850.32 crore.

Unitech has also declared a dividend of Rs 0.10 per equity share of face value of Rs 2 each.

The company net debt at the end of March was Rs 9,056 crore and cash reserves were Rs 4,845 crore. It raised around Rs 2700 crore in the last two months through share and asset sales.

Unitech’s shares closed at Rs 82.05, with a gain 5.19 per cent.