Unitech, the realty firm’s consolidated net loss narrowed to Rs 43.18 crore for the June 30 quarter end owing to higher sales. Gurgaon-based developer had noted a net loss of Rs 279.45 crore in the same quarter of previous fiscal year. Total income rose to Rs 487.88 crore in the first quarter versus Rs 381.43 crore in the same period last year. As of 30th June, the consolidated net debt amounted to Rs 5265 crore. Company's focus is strongly on executing and delivering the present projects in an expeditious manner. Towards this end, company has been thoroughly engaged with its customers, bankers and local administration to initiate project certain escrow mechanisms to certify that the balance payments acquired from the customers of a project are used only for completion of that project. Lately, the Delhi High Court directed the company to develop escrow mechanisms for all its projects where 100 per cent of the collections from the customers are to be restored in the escrow and used solely for that project. During the April-June quarter, Unitech sold an area measuring 2 million sq ft and launched projects of 1.75 million sq ft. Total value of sales bookings was seen at at Rs 362 crore. The company delivered 2.35 million sq ft of completed area.
Unitech share price rallied below 3% intraday on Friday owing to the disappointing Q1 numbers. The stock opened at Rs. 6.50 against its previous closing at Rs. 6.45. As of now Unitech share price is trading at Rs. 6.30. The stock touched its 52 week high value at Rs. 9.05 on 18th July ’16 while the 52 week low value is seen at Rs. 3.45 on 11th Feb ’16.
For further details refer to Unitech share price forecast.
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