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Business News/ Companies / Unitech posts Rs16 crore loss in Q3; shares plunge 16.4%
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Unitech posts Rs16 crore loss in Q3; shares plunge 16.4%

The company's revenues decreased by 42.17% to Rs408.7 crore during the December quarter

Net debt of the company as of 31 December is at Rs6,802.05 crore, up from Rs6,674 crore in September. Photo: Ramesh Pathania/MintPremium
Net debt of the company as of 31 December is at Rs6,802.05 crore, up from Rs6,674 crore in September. Photo: Ramesh Pathania/Mint

Bengaluru: Real estate firm Unitech Ltd Thursday posted a net loss of 16.10 crore for the quarter ended December 2015, compared with a net profit of 43.39 crore in the corresponding quarter a year ago.

Sequentially, the developer narrowed its loss from 65.8 crore.

Its revenues decreased by 42.17% to 408.7 crore during the same period.

“In a difficult market environment, the company is continuing with its efforts on multiple fronts to improve the cash flow. Increasing the construction spends at its ongoing projects and delivering the finished product remains the primary objective of the company. Company has also made certain organizational changes to give sharper management focus to individual projects. These changes should result in further accelerating the delivery by resolving project specific issues in a focused manner ," said managing director Sanjay Chandra in a statement to BSE.

Net debt of the company as of 31 December is at 6,802.05 crore, up from 6,674 crore in September.

The firm said in the first nine months of 2015-16, it had sales bookings of 1.14 million sq. ft and launched projects totaling 1.29 million sq. ft.

Unitech is planning to raise 1,300-1,400 crore in a bid to speed up construction of its existing projects and overcome a delivery backlog and liquidity crunch. It plans to raise the money by selling land and stakes in projects or even from a single-large transaction, Mint had reported in October.

On Thursday, Unitech fell as much as 29.9% to touch 3.43—a level last seen on 28 June 2005—after around 17.7 million shares of the company changed hands in 21 block deals. However, the buyers and sellers’ names were not known, according to a Bloomberg report. Unitech lost 16.4% to close at 4.09 per share on BSE.

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Published: 11 Feb 2016, 07:13 PM IST
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