Unitech first quarter profit dips 63 percent
New Delhi: Realty major Unitech Ltd`s first quarter profit fell 63 percent from Rs 4.23 billion to Rs 1.58 billion due to the sluggish demand for housing.
Net income fell to Rs 1.58 billion (USD 33 million) for the quarter ended June 30, from Rs 4.23 billion, the developer said in a statement.
Sales halved to Rs 5.15 billion during the quarter, from Rs 10.3 billion a year earlier.
Unitech raised Rs 54 billion from sale of shares and other properties in the quarter ended June 30 to pay debt and smooth financing of pending projects.
The company has restructured almost 95 percent of its debt. It has reduced its debt from Rs 109 billion to Rs 89 billion, its official website said.
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