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Unitech Q4 net loss widens to nearly Rs 1,000 crore

Unitech Q4 net loss widens to nearly Rs 1,000 crore

Despite sharp rise in income, the company has posted net loss due to higher operational expenditure and an exceptional item of Rs 928 crore.

Unitech Q4 net loss widens to nearly Rs 1,000 crore

New Delhi: Crisis-hit realty firm Unitech on Tuesday reported a consolidated net loss of Rs 999.83 crore for the quarter ended March 31, 2018, despite higher income.

The Gurugram-based developer had posted a net loss of Rs 290.19 crore in the year-ago period, according to a regulatory filing.

Total income however jumped over two fold to Rs 977.59 crore during January-March, 2017-18 from Rs 480.36 crore in the year-ago quarter.

Despite sharp rise in income, the company has posted net loss due to higher operational expenditure and an exceptional item of Rs 928 crore.

For entire 2017-18, Unitech posted a net loss of Rs 1,275.07 crore as against a loss of Rs 402.66 crore in 2016-17.

Total income however increased to Rs 2,210.19 crore from Rs 1,795.25 crore in 2016-17.

Debt-ridden Unitech is facing huge protest as well as litigations from home buyers because of significant delays in completion of their housing projects across the country.

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