Unitech Posts Rs 51.55 Crore Loss in Q4
Realty firm Unitech reported Rs 51.55 crore consolidated loss for the quarter ended March, dragged down by the provision to write off Rs 103.02 crore investment in its erstwhile telecom business.
It posted a net profit of Rs 30.33 crore in the year-ago period, Unitech said in a statement.
However, net sales increased by 22 per cent to Rs 1,033.31 crore in the fourth quarter of last fiscal against Rs 848.25 crore in the corresponding period of previous year.
"Profit after tax from ordinary activities stood at Rs 42.69 crore (in Q4). During the quarter, the company made a provision of Rs 103.02 crore towards diminution in value of its investment in wireless business. Net loss for the quarter, therefore, was Rs 51.55 crore," Unitech said.
In October 2012, Unitech exited from the telecom joint venture with Telenor by selling its entire 32.75 per cent stake to the Norwegian firm.
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