Unitech Profit Soars Beyond High Expectations

May 29, 2007	(1 votes, average: 3 out of 5)  Loading ...
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The net profit of Unitech, a prominent name in Indian real estate, has shot up to Rs 357.09 crore in the quarter ended March 2007 from Rs 35.46 crore in the corresponding  period as compared to 2006.  The company has seen a considerable rise in its revenue by more than four times to Rs 848.71 crore from Rs 208.05 crore.

Talking about consolidated profit of the Unitech, it has risen to Rs 1,305 crore in 2006-07 from Rs 87.65 crore in 2006 thereby marking the profit by 14 times.

The company has announced its second bonus issue in the last 1 year.  The Unitech scrip reached to Rs 48.85 or 8.9 per cent, to close at Rs 595.90 on the Bombay Stock Exchange (BSE). The board announced a 25 per cent dividend for the financial year ended March 2007.

Unitech is planning to make a whopping investment of Rs 10,000 crore in the hospitality and India’s booming retail sector over the next four years.  The company will come up with 28 hotels with a cumulative 4,900 rooms in the first phase. Unitech alone will not be managing these hotels and will go by brand-cum-management contracts with top hotel chains.

The company may sell some of the chosen hotel properties in case it gets a good price in exchange, says Sanjay Chandra, managing director Unitech.

Unitech owns around 11,000 acres of land and it will bring 10-12 percent of it under development every year. This will make for round 30 million sq ft of built-up area.

News Published Under:   Real Estate Developers |

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