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Unitech Q3 net profit falls 37% on lower demand

Unitech Q3 net profit falls 37% on lower demand
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First Published: Mon, Feb 14 2011. 08 47 PM IST
Updated: Mon, Feb 14 2011. 08 47 PM IST
New Delhi: Unitech Ltd, India’s second-biggest real estate firm, on Monday reported a 37% fall in quarterly profit as high property prices and borrowing costs hurt demand.
Unitech said consolidated net profit fell to Rs111 crore ($24.3 million) for its fiscal third-quarter ended December, from Rs176 crore a year earlier.
Net sales fell to Rs660 crore from Rs774 crore a year earlier.
Unitech also has a mobile telecom joint venture in India with Norway’s Telenor.
The joint venture is among five telecom operators that are part of a probe into whether some firms received favourable treatment in the granting of 2G spectrum licences.
State auditor CAG found irregularities in the licence grant process in 2007-08.
Unitech has denied any wrongdoing.
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First Published: Mon, Feb 14 2011. 08 47 PM IST