Unitech Q4 net loss widens to nearly Rs 1,000 cr

NEW DELHI, June 12: Crisis-hit realty firm Unitech today reported a consolidated net loss of Rs 999.83 crore for the quarter ended March 31, 2018, despite higher income.
The Gurugram-based developer had posted a net loss of Rs 290.19 crore in the year-ago period, according to a regulatory filing.
Total income however jumped over two fold to Rs 977.59 crore during January-March, 2017-18 from Rs 480.36 crore in the year-ago quarter.
Despite sharp rise in income, the company has posted net loss due to higher operational expenditure and an exceptional item of Rs 928 crore.
For entire 2017-18, Unitech posted a net loss of Rs 1,275.07 crore as against a loss of Rs 402.66 crore in 2016-17.
Total income however increased to Rs 2,210.19 crore from Rs 1,795.25 crore in 2016-17.
Debt-ridden Unitech is facing huge protest as well as litigations from home buyers because of significant delays in completion of their housing projects across the country. (PTI)