Unitech Q4 loss narrows to Rs291 crore
Unitech had posted a net loss of Rs483.54 crore in the fourth quarter of year-ago period
New Delhi: Realty firm Unitech Ltd on Wednesday reported a consolidated net loss of Rs291.25 crore for the fourth quarter ended 31 March 2017.
The company had posted a net loss of Rs483.54 crore in the year-ago period, the company said in a regulatory filing.
Total income for the January-March quarter of 2016-17 fiscal rose to Rs467.53 crore from Rs438.93 crore in the corresponding period of previous year.
During the full 2016-17 fiscal, the company posted a net loss of Rs402.69 crore as against a net loss of Rs884.66 crore. Total income fell to Rs1,730.01 crore during last fiscal from Rs1,850.16 crore in the 2015-16 fiscal.
Commenting on the result, Unitech managing director Ajay Chandra said, “The company on an operational level performed well, the loss this year is because of the accumulated interest and cost on a project which was closed during the year in Hyderabad of an amount Rs 284.11 crore.” Chandra said the focus of the company is to enhance the pace of construction.
The company has been able to get some additional working capital which has helped speed up execution of the projects. Unitech has adopted a policy that will help fulfil its obligations in Noida.
All the projects in the portfolio are seeing enhanced activity. “With implementation of Rera, the overall real estate market is expected to get a boost as the projects are going to get ring fenced financially and operationally which will in turn help developers in timely delivery of the projects,” Chandra said.