Unitech profit dips 45%

Real estate company Unitech recorded a 45.4 per cent fall in consolidated net profit in the first quarter of 2011, compared to the corresponding quarter last year. High interest rates and steep input costs are given as the reason. Net profit was Rs 98 crore for the quarter ended June, against Rs 180 crore in the same period last year. Net sales also declined 28 per cent to Rs 596 crore, compared to Rs 829 crore last year.

However, the company maintained their recent projects launched across cities have received a positive response. According to the company, its debt reduced by Rs 203.7 crore during the quarter, to Rs 5,647 crore. It added it would continue to focus on monetising its existing land reserves

“Delivery of completed properties further picked up during the quarter and the company delivered 1.60 million sq ft during the quarter as against average delivery of 1 million sq ft per quarter last year,” said Chandra.