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Finance cost pulls down Unitech net

Its consolidated income for the quarter grew by 13.5% and stood at Rs 732 cr as compared to Rs 645 cr in FY13

Real estate developer Unitech has posted a 61 per cent decline in its net profit to Rs 32.8 crore for the the quarter ended December 31 because of higher expenses and finance costs. It had posted a net profit of Rs 84 crore in the same quarter a year ago. Its consolidated income for the quarter grew by 13.5 per cent and stood at Rs 732 crore as compared to Rs 645 crore in FY13. The company’s expenses grew 31.6 per cent at Rs 716 crore, while finance costs went up 234 per cent at Rs 28 crore for the October-December quarter. Unitech stated it had a healthy balance sheet ...