Unitech's Q3 net loss widens to Rs 17 cr, net sales up

Realty firm Unitech Ltd today reported a consolidated net loss of Rs 17.13 crore for the quarter ended December.

Its net loss stood at Rs 12.25 crore in the year-ago period, Gurgaon-based developers said in a regulatory filing.

Income from operations, or net sales, rose to Rs 401.59 crore, from Rs 390.18 crore in the corresponding period of the previous year.

"While construction activity at the project sites has been steadily rising due to various measures such as escrow mechanisms put in place by the company, demand for residential product that was already sluggish got further adversely impacted by demonetisation," Unitech MD Ajay Chandra said.

In this uncertain business environment, he said the company's focus will continue to be on completing the ongoing projects and delivering the finished product to its customers.

"We welcome various measures announced by the government in the Union Budget for promoting the real estate sector, particularly the affordable housing segment. These measures, combined with the prevailing benign interest rates for home loans, should help revive the demand in coming months," Chandra said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)