Unitech Q4 net loss widens to Rs 10 bn on higher operational expenditure

Crisis-hit realty firm Unitech on Tuesday reported a consolidated net loss of Rs 9.99 billion for the quarter ended March 31, 2018, despite higher income.

The Gurugram-based developer had posted a net loss of Rs 2.90 billion in the year-ago period, according to a regulatory filing.

Total income, however, jumped over two-fold to Rs 9.77 billion during January-March, 2017-18 from Rs 4.80 billion in the year-ago quarter.

Despite a sharp rise in income, the company has posted net loss due to higher operational expenditure and an exceptional item of Rs 9.28 billion.

For entire 2017-18, Unitech posted a net loss of Rs 12.75 billion as against a loss of Rs 4.02 billion in 2016-17.

Total income however increased to Rs 22.10 billion from Rs 17.95 billion in 2016-17.

Debt-ridden Unitech is facing huge protest as well as litigations from home buyers because of significant delays in completion of their housing projects across the country.