Unitech posts Rs 14.69cr losses in Sep quarter on lower sales

Realty firm Unitech today reported Rs 14.69 crore consolidated losses for the second quarter of this fiscal on lower sales.
It had posted a net profit of Rs 25.57 crore in the year- ago period, Gurgaon-based Unitech said in a filing to the BSE.
Net sales declined by 36 per cent to Rs 383.72 crore in July-September quarter of this fiscal from Rs 595.75 crore in the corresponding period of last fiscal.
Total income fell to Rs 405.80 crore for the quarter ended September from Rs 633.41 crore in the year-ago period.
"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," Unitech Managing Director Sanjay Chandra said in a statement.

Unitech's posted losses in Q2 of FY'15 due to lower sales on account of slowdown in real estate sector. Moreover, its other income fell to Rs 22.07 crore during the September quarter from Rs 37.65 crore in the year-ago period.

During the first six months of this fiscal, Unitech posted a net consolidated loss of Rs 9.14 crore on a total income of Rs 1,939.67 crore.
The company's consolidated net debt as of September 30, 2014 was Rs 6,381 crore, while the net debt to equity ratio was 0.58.
Chandra said the company would continue with interim strategy of monetizing those land parcels for which there are no immediate development plans.

Unitech is also working towards accelerating the delivery of completed property in its various projects, he added.
The company achieved sales bookings of 0.91 million sq ft valued at Rs 527 crore and delivered 2.15 million sq ft of completed property during the first six months of this fiscal.
Unitech's share price closed at Rs 21.05 apiece on BSE, down 2.32 per cent. Its market cap stood at Rs 5,503 crore.