Unitech posts Rs 65.82 cr net loss in Jul-Sept qtr

Realty firm Unitech today reported a consolidated net loss of Rs 65.82 crore for the quarter ended September 30 on higher finance cost and operational expenses.
Its net loss was at Rs 14.69 crore in the July-September quarter of last fiscal, Gurgaon-based Unitech said in a statement.
Net sales rose, however, to Rs 683.89 crore during July- September quarter of the current financial year from Rs 386.19 crore in the year-ago period.
While finance cost increased to Rs 96.30 crore during the quarter under review from Rs 3.44 crore in the year-ago period, its expenses rose to Rs 680.20 crore from Rs 408.85 crore during the period under review.

Unitech MD Sanjay Chandra said: "Increasing the pace of construction at our ongoing projects and accelerating the delivery of finished product are the key priorities for the company. Steps initiated to overcome the liquidity constraint have gradually started yielding results and should progressively ease the tight cash flow situation."
The demand for non-residential property continues to be robust, he said, adding that a 6 lakh sq ft mall in Noida became operational during the quarter and was receiving strong response from clients.

"Enquiries for office space continue to flow in from both existing as well as new clients. These developments coupled with the improving macro-economic scenario make us sanguine with regard to the demand for residential property which has been sluggish for a while," Chandra said.

On operational front, Unitech said it achieved sales bookings of 0.90 million sq ft during the first half of this fiscal. The company launched projects totaling an area of 0.96 million sq ft during H1 and delivered 2.43 million sq ft of completed area during H1.
"Total value of sales bookings is Rs 524 crore during H1," Unitech said. The company's consolidated net debt stood at Rs 6,674 crores as on September 30. Net debt to equity ratio as of September 30, 2015 was 0.63.