 "Unitech slips on weak Q1 results")
Shares of realty major Unitech are trading lower by 2% at Rs 6.7 on the BSE after the firm posted a net loss of Rs 281 crore for the first quarter ended June 2015 after the company booked a capital loss in sale of an information technology park project by overseas group firm. The company had profit of Rs 5.5 crore in the same period last year.
Income from operations dropped to Rs 418 crore in this quarter of the fiscal year as against Rs 1,525 crore in the same period of the previous year projecting a sharp decline of 73%.
"The company recorded a total income of Rs 426.34 crore for the quarter ended 30th June 2015. Loss after tax from ordinary activities for the same period stood at Rs 281.29 crore," Unitech said.
"During the quarter, an overseas entity of the group has sold its entire stake in an IT Park developer to Brookfield which resulted in a capital loss of Rs 242 crore and simultaneously another entity of the group acquired shareholding of a SEZ developer from an overseas affiliate of Brookfield," it added.
Meanwhile, the consolidated net debt stood at Rs 6,605 crore as of June 30. Net debt to equity ratio was 0.62.
The stock opened at Rs 6.98 and touched an intra-day low of Rs 6.56 on the BSE. A total of 2,739,195 shares changed hands on the BSE.