Tags:
Journalism of Courage
Countrys second largest realty firm Unitech today reported nearly 16 per cent decline in its consolidated net profit at Rs 567.66 crore in 2010-11 fiscal due to higher return from assets sales in the previous year.
The company had posted a net profit of Rs 675.05 crore in 2009-10 financial.
Net sales,however,rose by 8.7 per cent at Rs 3,187.09 crore in the last fiscal against Rs 2,931.33 crore in 2009-10.
Realty giant DLF,too,had reported 4.66 per cent fall in its consolidated net profit at Rs 1,639.61 crore during last financial year as against Rs 1,719.84 crore in 2009-10.
A senior company official attributed the fall in profit to outright sale of assets such as hotel and office building in 2009-10 fiscal that gave higher return to the company.
