Unitech posts Rs 15 cr loss in Q2

The company's net sales went down 55% at Rs 384 cr

Real estate developer Unitech posted a net loss of Rs 14.69 crore in the second quarter of current financial year as compared to a profit of Rs 20.2 crore crore in the corresponding quarter of previous financial year.

The company's net sales went down 55% at Rs 383.7 crore in Q2 of FY 2015 as compared to Rs 595.7 crore in the Q2 of FY 2014.

Company's consolidated net debt was Rs 6,381 crore in Q2 of FY 2015 and net debt to equity ratio as of was 0.58.

Sanjay Chandra, managing director, Unitech said: "The sector continues to face a challenging environment. Strong demand for office space and the renewed optimism of the last few months is yet to translate into improvement in demand for the residential housing space. Meanwhile, Unitech is continuing with its interim strategy of monetizing those land parcels for which there are no immediate development plans. Company is also working towards accelerating the delivery of completed property in its various projects."