Realty major Unitech has reported 50% dip in consolidated net profit at Rs 55.22 crore for the third quarter ended December, on account of lower sales. The company had posted net profit of Rs 111.36 crore in the October-December quarter of 2010-11 fiscal.
Its Q3 net sales fell 22% at Rs 513.90 crore, as against Rs 659.79 crore Q3, 2010-11. Unitech’s net debt reduced by Rs 383.59 crore in the first nine months of the current fiscal, 2011-12 and stood at Rs 5,190.26 crore as on December 31, 2011.
In the first nine months of the current fiscal, the company sold 5.4 million sq ft for a sales value of Rs 3,029 crore. It launched projects totalling 7.17 million sq ft.