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Our Bureau

New Delhi, June 25 Unitech Ltd’s Q4 net profit fell 22 per cent compared with the year-ago period, while net sales fell 67 per cent.

The company released its cumulative financial results for FY09 on Thursday, but according to calculations on the basis of the previous three quarter results, Unitech’s net profit for Q4 is Rs 280 crore compared with Rs 360 crore in the year-ago period.

The net sales for Q4 came to Rs 386 crore compared with Rs 1,160 crore in the year-ago period.

Hit by sluggish demand amid high interest rates since the global economic slowdown, Unitech recorded a 28 per cent drop in net profit for FY09.

The company’s net profit in FY09 dropped to Rs 1,197 crore compared with Rs 1,662 crore in FY08.

Net sales were down at Rs 2,889 crore in FY09 from Rs 4,140 crore in FY08, a sharp decline of about 30 per cent. Both Unitech and rival DLF are concentrating on low-cost mass housing projects.

Unitech expects to get bookings for 20 million sq ft of new development, said the Managing Director, Mr Sanjay Chandra.

The company claimed that it has sold projects worth Rs 850 crore between April 1 and May 15.

Despite the fall in net profit and net sales, Unitech’s share price rose by about 5 per cent from Rs 78 at Wednesday’s close to Rs 82.05 at close of trading on Thursday, even while the main index fell 0.53 per cent.

More Stories on : Real Estate & Construction | Unitech Ltd

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