The real estate firm Unitech Ltd has posted 47% fall in consolidated net profit for the quater ended September 2011. Reason, hurt by higher real estate land price and construction expenses and employee costs. The net profit stood at Rs 93 crore for second quarter compared with Rs 174 crore in year ago period.
According to Unitech its debt reduced by Rs. 191 crore during the September quarter. As on September 30, 2011 Unitech had a consolidated net debt of Rs, 5,144 crore.
During the current financial year, April-September period the company has reduced its debt to the tune of Rs 395 crore. The total income fell by a marginal 1.3% to Rs 666 crore.
Mr. Ajay Chandra, MD, Unitech, said'' The business environment for the Indian real estate sector continues to be challenging. Apart from continuing with the strategy of offering products targeted at affordable and mid income housing segments, the company has been taking various measures to not only deal with the current situation but also position itself to benefit once the business environment starts improving”
According to Unitech its debt reduced by Rs. 191 crore during the September quarter. As on September 30, 2011 Unitech had a consolidated net debt of Rs, 5,144 crore.
During the current financial year, April-September period the company has reduced its debt to the tune of Rs 395 crore. The total income fell by a marginal 1.3% to Rs 666 crore.
Mr. Ajay Chandra, MD, Unitech, said'' The business environment for the Indian real estate sector continues to be challenging. Apart from continuing with the strategy of offering products targeted at affordable and mid income housing segments, the company has been taking various measures to not only deal with the current situation but also position itself to benefit once the business environment starts improving”
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