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Unitech profits sets new record

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Unitech’s head of corporate planning said to www.propertykhazana.com that, “Unitech has assigned a 106% leap in net profit at Rs. 290 Crores, 50% increase in the net sales at Rs. 760 Crore for the 4th quarter which ended in March 2009 and the extra by other income of Rs. 350 Crores. Other income was formed by the firm’s JV’s in realty and telecom segments; it also comprises interest added on the capital set-up in the realty JV and ‘Unitech Wireless’. Unitech had utilized Rs. 750 Crores of the total Rs. 1,700 Crores increased by QIP to refund the debt and remaining of the funds are being deployed in ventures.”
Reported sources at the www.propertykhazana.com says that the services to Unitech Wireless included offering of laborers as Telenor which has to hire the people still and had also lent Rs. 950 Crores as debt to Unitech Wireless and 65% was possessed by Norway’s Telenor. Following the combination of equity by Telenor, Unitech Wireless has repaid Rs. 450 Crores to Unitech and for many months it has put effort to reimburse the debt. But now it has easily settled to honor its obligations to service debt, following fund increasing by a QIP and raised auction of mid and low-income residences. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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