Real estate major Unitech today reported a 47 per cent decline in its consolidated net profit at Rs 92.46 crore for the quarter ended September 30,2011. The consolidated net sales of the company fell by three per cent to Rs 626.06 crore in the second quarter of the current fiscal as against Rs 644.51 crore in the same period of the last fiscal. The total debt of the company fell by Rs 191.02 crore in the July-September quarter and stood at Rs 5,144.04 crore as of September 30,2011,Unitech said in a statement. Its consolidated net worth stood at Rs 11,924.54 crore as on September 30,2011. Pointing out that the business environment for the real estate sector in the country remains challenging,Unitech Ltd Managing Director Ajay Chandra said that the company will continue with its strategy of offering products targeting the mid-income housing segments. "In such an environment,company achieved Rs 1,068 crore of sales bookings and reduced debt by Rs 191 crore from its internal cash flows," Chandra said. Total area of projects launched during the current calendar year exceeded the targeted 10 million square feet,he added. Shares of the company today settled at Rs 25.70,down by 5.86 per cent from its previous close at BSE.
