Unitech net dips 63%, to focus on low-cost
The Economic Times, August, 02, 2009, Page 1
New Delhi: Unitech, India’s second largest real estate 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 Gurgaonbased firm, which was at the beginning of the year deep into financial trouble due to its high leverage and meagre cashflow, saw its financial situation 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 Marchend to 0.57 now, a company spokesman said.
The Economic Times, August, 02, 2009, Page 1
New Delhi: Unitech, India’s second largest real estate 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 Gurgaonbased firm, which was at the beginning of the year deep into financial trouble due to its high leverage and meagre cashflow, saw its financial situation 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 Marchend to 0.57 now, a company spokesman said.
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