Unitech's net profit falls 47%

Real estate major Unitech reported a47 per cent decline in its consolidated net profit at Rs 92.46 crore for thequarter ended September 30, 2011.

The consolidated net sales of the company fell by 3 per centto Rs 626.06 crore in the second quarter of the current fiscal as against Rs644.51 crore in the same period of the last fiscal.

The total debt of the company fell by Rs 191.02 crore in theJuly-September quarter and stood at Rs 5,144.04 crore as of September 30, 2011,Unitech said in a statement.

Its consolidated net worth stood at Rs 11,924.54 crore as onSeptember 30, 2011.

Pointing out that the business environment for the real estatesector in the country remains challenging, Unitech Ltd Managing Director AjayChandra said that the company will continue with its strategy of offeringproducts targeting the mid-income housing segments.

"In such an environment, company achieved Rs 1,068crore of sales bookings and reduced debt by Rs 191 crore from its internal cashflows," Chandra said.

Total area of projects launched during the current calendaryear exceeded the targeted 10 million square feet, he added.