India’s second largest real estate player Unitech Ltd has recorded a net profit of Rs 136.05 crore during the quarter ended December 31, almost 75 per cent lower than Rs 525.78 crore it recorded during the corresponding quarter in 2007.
On a consolidated basis, total income during the quarter was Rs. 507 crore, as against Rs. 1165.11 crores in the corresponding period of last year.
The company attributed the lower sales to the change in the macroeconomic environment.
“Last quarter witnessed a dramatic change in the macroeconomic environment. It was characterized by tight liquidity conditions and significant demand slowdown across segments. Consumer sentiment continues to be weak”, Sanjay Chandra, managing director Unitech said.
Company’s main thrust during the quarter was on reviewing projects with a view to according higher priority to pre-committed projects and on generating additional cash flows through asset sales and infusion of private equity at project level, he added.