Unitech net nearly halves to Rs 25.5 cr

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SummaryUnitech’s consolidated net profit has nearly halved to R25.5 crore

Unitech’s consolidated net profit has nearly halved to R25.5 crore for the quarter ended September, against R49 crore in the corresponding quarter last year mainly on account of rise in expenses. The total expenses during the quarter increased by close to 28% to R598 crore, against R468 crore last year. The rise was on account of sharp increase in cost of material consumed, which almost doubled to R83 crore, while realty, construction and other expenses rose 12% to R364.5 crore.

Total income from operations stood at R596 crore during the three months of July to September 2013, up 10% year-on-year. The company reported an operating loss of R2 crore before other income, finance costs and exceptional items. Other income stood close to R38 crore up from R34 crore last year, while finance cost declined to nearly R5 crore against close to R9 crore year-on-year. Profit before tax more than halved to R30 crore during Q2. Share price closed up 4.06% to R16.65, on Thursday, on BSE.

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