Unitech revenues, profit dip 50%

Real estate company Unitech has reported a 50 per cent dip in its revenues and profits for the quarter ended September 30, 2009, compared to the same period last fiscal. The company posted a net profit of Rs 178 crore and net sales at Rs 509 crore. Unitech will concentrate on the low cost homes segment to drive its sales. The real estate firm which was on the verge of collapse early this year due to huge debt burden, raised $900 mn by selling fresh shares to institutional investors in two tranches between April and July to infuse the much-needed liquidity and partly repay debt. Contact: Unitech. Tel: 0124-412 5200. E-mail: feedback@unitechgroup.com Website: www.unitechgroup.com