Unitech in red- Reported loss of Rs. 51.5 crore in Q4
The slump of the real estate sector affected the real estate and infrastructure company Unitech very badly. The company made the balance sheet available to the public which shows a consolidated net loss of Rs 51.5 crore for the fourth quarter which ended on March 31, 2014 against a consolidated net profit of Rs 30 crore in the same quarter last year.
The reasons for the losses were stated as a write down of Rs 103.02 crore investment in the telecom business. Unitech had got into a joint venture (JV) with Norway’s Telenor, giving birth to Uninor. Since Uninor failed to capture a sizeable market share, Unitech decided to sell 32.75 % stake back to Telenor and exit out of the business in Oct 2012. This diminution in value of its investment in wireless business had its ripple effect and had caused the loss in this quarter.
The company’s spokesperson stated that the consolidated total income increased 15 % year-on-year to Rs 1,075 crore during the last quarter. However for the full year which ended on March 31, the group posted a sharp fall of 66.7 % year-on-year in the consolidated net profit to Rs 69.7 crore. However the good news is that the consolidated total income increased by 17.9 % year-on-year to Rs 3099.9 crore for the year ending on March 31, 2014.
Source- The Financial Express
51.5 crore loss for Unitech, Gurgaon Infospace Tikri special economic zone, real estate firm Unitech, Slump in property sales, slump in real estate market, Slump in realty market, Slump realty market, tikri sez gurgaon, tikri special economic zone, tikri special economic zone (sez)
