New Delhi, August 01: Real estate firm Unitech on Friday reported a 63 per cent decline in consolidated net profit at Rs 157.77 crore for the first quarter ended June 30, 2009.
In the year-ago period, the firm had a consolidated net profit of Rs 423.31 crore, Unitech said in a statement.
The country’s second-largest realty firm raked in a total income of Rs 548.22 crore in the latest quarter as compared to Rs 1,054.37 crore in the corresponding period a year ago.
During the first quarter, the company raised nearly $900 million (about Rs 4,400 crore) through two Qualified Institutional Placements (QIPs).
It also completed the sales of non-core assets worth Rs 1,000 crore.
“With this fund raising, the deleveraging exercise is almost complete and the company has a comfortable liquidity position,” the statement noted.
As of June 30, it had reserves and surplus of Rs 6,409 crore. “Total loan outstanding was Rs 8,262 crore. The company had Rs 625 crore in cash and bank balance as of June 30, 2009,” it added.
Commenting on the results, Unitech Managing Director Sanjay Chandra said that in the first quarter, the firm continued with its strategy of focusing on affordable housing.
“Moving forward, we aim to enlarge the target segment by launching projects starting Rs 10 lakh onwards. These projects will be launched under new brand UniHomes,” Chandra added.
–Agencies