Unitech Q3 net profit falls 37% on lower demand

Unitech Q3 net profit falls 37% on lower demand

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.

Close