Unitech Q4 net loss at Rs 291.25 crore

NEW DELHI: Unitech on Wednesday reported consolidated net loss of Rs 291.25 crore for the fourth quarter.The company had posted a net loss of Rs 483.54 crore in the year-ago period.

Total January-March income rose to Rs 467.53 crore from Rs 438.93 crore in the corresponding period of previous year. During the full 2016-17, Unitech posted net loss of Rs 402.69 crore as against net loss of Rs 884.66 crore. Total income fell to Rs 1,730.01 crore during last fiscal from Rs 1,850.16 crore in 2015-16.

Unitech MD Ajay Chandra said, “The company on an operational level performed well, the loss this year is because of the accumulated interest and cost on a project which was closed during the year in Hyderabad of an amount Rs 284.11crore.”