Unitech Q1 net dips by 63%
The Economic Times, August, 02, 2009, Page 3
Our Bureau NEW DELHI
UNITECH, India’s second largest property company, plans to launch 30 million sqft of residential space this fiscal, with focus on lowcost homes, even as it recovers from the real estate slump that slashed its profit by 63% and halved its sales for the quarter ended June ‘09.
The Gurgaon-based firm, which was at the beginning of the year deep into financial trouble due to its high leverage and meagre cashflow, saw its financial situtation significantly improve after it mopped up $900 million in two tranches of qualified institutional placement (QIP). The company’s debt-equity ratio has fallen from 1.2 at March-end to 0.57 now, a company spokesman said.
The company also raised in the quarter Rs 1,000 crore through sale of assets, including a hotel in Gurgaon, an office building in Delhi and some land parcels. “With this fund raising (QIP and asset sale), the deleveraging exercise is almost complete and the company has a comfortable liquidity position,” the company said in a release.
Unitech had reserves and surplus of Rs 6,409 crore and a total loan outstanding of Rs 8,262 crore as of June 30, as per the release. The spokesman though said the company has been able to further bring down its debt to Rs 7,000 crore in July.
The company’s net profit fell 63% to Rs 158 crore and sales fell 50% to Rs 515 crore for the June quarter on poor demand for homes. The company said that its had launched 17 million sqft of residential space so far this fiscal and claimed that it has been able to sell 7 million sqft of that, an indication that the demand may be returning to the sector.
The company has also launched homes with a price tag of Rs 10-30 lakh under the brand called UniHomes in Noida.
The Economic Times, August, 02, 2009, Page 3
Our Bureau NEW DELHI
UNITECH, India’s second largest property company, plans to launch 30 million sqft of residential space this fiscal, with focus on lowcost homes, even as it recovers from the real estate slump that slashed its profit by 63% and halved its sales for the quarter ended June ‘09.
The Gurgaon-based firm, which was at the beginning of the year deep into financial trouble due to its high leverage and meagre cashflow, saw its financial situtation significantly improve after it mopped up $900 million in two tranches of qualified institutional placement (QIP). The company’s debt-equity ratio has fallen from 1.2 at March-end to 0.57 now, a company spokesman said.
The company also raised in the quarter Rs 1,000 crore through sale of assets, including a hotel in Gurgaon, an office building in Delhi and some land parcels. “With this fund raising (QIP and asset sale), the deleveraging exercise is almost complete and the company has a comfortable liquidity position,” the company said in a release.
Unitech had reserves and surplus of Rs 6,409 crore and a total loan outstanding of Rs 8,262 crore as of June 30, as per the release. The spokesman though said the company has been able to further bring down its debt to Rs 7,000 crore in July.
The company’s net profit fell 63% to Rs 158 crore and sales fell 50% to Rs 515 crore for the June quarter on poor demand for homes. The company said that its had launched 17 million sqft of residential space so far this fiscal and claimed that it has been able to sell 7 million sqft of that, an indication that the demand may be returning to the sector.
The company has also launched homes with a price tag of Rs 10-30 lakh under the brand called UniHomes in Noida.
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