Debt restructuring, sell-off of the telecom business to Norway’s Telenor, and focus on affordable housing saw the countrys second largest real estate firm, Unitech Ltd post a jump of 29.37% in its net profit at Rs 176.01 crore during the October-December quarter. The company had posted a net profit of Rs 136.05 crore during the same period of the previous fiscal.
The period saw Unitech’s total income increasing 57.65% at Rs 774.46 crore, against Rs 491.24 crore during the same period of the last financial year.
Earlier in the week, the countrys largest real estate firm DLF Ltd posted a 30% decline in its net profit. Unitech was the most adversely affected real estate firm in the country last year after the global financial meltdown, with its share price crashing to around Rs 20. A company statement said the firm continued to reduce its debt during the quarter and net debt to equity as of December 31, 2009, stood at a healthy level of 0.55. During the first nine months of the current fiscal, the company reduced its debt by Rs 2,854 crore. The total loan outstanding as of December 31, 2009, was Rs 6,201.70 crore. The company had Rs 611 crore in cash and bank balance as on December 31, 2009.
More : financialexpress.com
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To lower debt burden and borrowings, the company has been selling its non-core assets. On Wednesday, the company announced the sale of its Saket corporate office for a sum of Rs 500 cr to an individual investor. Last month, the company, in another strategic move, raised $325 million through the qualified institutional placement (QIP) route. Unitech Wireless, the telecom unit of the company, also sold
Joining the likes of DLF and Unitech, Bangalore-based realty developer Puravankara Projects today announced its foray into the affordable housing segment in an effort to beat the property sector slump.
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More : business-standard.com
Under weakening property market conditions, realty major Unitech has been forced to develop its Rs 15,000 crore worth high-end luxury housing project in Noida as an integrated township, aiming to boost sales.
Unitech had launched Unitech Grande project in Noida in July 2007 on a 340 acre plot that it had won in May 2006 by outbidding bigger rival DLF for whopping Rs 1,582 crore.
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brand and costing will be inclusive of all charges.
In the mid of this
