Unitech Q2 net loss narrows to Rs 13 cr

Realty firm Unitech Ltd's consolidated net loss narrowed to Rs 13 crore during the second quarter of the ongoing fiscal due to lower finance cost and expenses.
The Gurgaon-based developer had posted a net loss of Rs 65.70 crore in the year-ago period.
Income from operations fell to Rs 373 crore in the July-September quarter from Rs 639.60 crore in the corresponding period of the preceding fiscal, Unitech said in a regulatory filing.
Finance cost reduced to Rs 45.18 crore from Rs 90.22 crore, while the company's expenses fell to Rs 380.19 crore from Rs 635.23 crore in the said period, it said.

During the Q2, Unitech however incurred losses in its hospitality business as it said, "A hotel property in a subsidiary has been sold off resulting in one-time loss of Rs 18.39 crore which would also have impact on further revenue from hospitality business."
For the first half of the 2016-17 fiscal, the company's consolidated net loss narrowed down to to 57.82 crore from 345.33 crore in the year-ago period.

The company's total income declined to Rs 860.88 crore from Rs 1,021.03 crore in the said period, while the financial cost increased to Rs 109.06 crore in the first half of this fiscal as against Rs 90.22 crore in the six-month period a year ago, the filing added.

The company's net debt stood at Rs 18,292 crore as on September 30.
The shares of the company were trading 2.75 per cent down at Rs 4.60 apiece on BSE.