Unitech profit dives 49%

Real estate firm Unitech has reported a 48.8 per cent fall in its net profit to Rs 25.57 crore for the quarter ended September 30 against Rs 49.19 crore in the same period a year ago. Sanjay Chandra, MD, said: “Prevailing challenging macro-economic environment had a strong bearing on the demand for real estate in the company’s key markets during the second quarter.” Net sales stood at Rs 595.7 crore against Rs 539.82 in the same period last year.The earnings per share for the half year ended stood at 34 paise on an equity base of Rs 523.26 crore. Unitech said its net debt stood at Rs 6240.02 crore. Chandra said Unitech’s commercial office space leasing was progressing during the current quarter.