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Unitech’s Third-Quarter Profit Drops 50% as Home Sales Decline

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Feb. 14 (Bloomberg) -- Unitech Ltd., India’s third-largest developer by value, said third-quarter profit slid 50 percent on lower home sales.

Profit in the three months ended Dec. 31 dropped to 552 million rupees ($11 million), lower than the 1.02 billion rupee median of 16 estimates compiled by Bloomberg. Sales slid 23 percent to 5.1 billion rupees, according to a statement from the company.

Sales in the National Capital Region, which includes New Delhi and its surrounding areas, gained 27 percent to 22.77 million square feet in the quarter ended December, according to Liases Foras Real Estate Rating & Research Pvt. The weighted average selling price climbed to 3,394.72 rupees a square foot, 5 percent higher than the September quarter.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at Apapuc1@bloomberg.net

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