India's Unitech Q3 net up 52 pct, beats estimates
MUMBAI Feb 13 (Reuters) - Unitech, India's third-largest listed real estate developer by market capitalisation, reported a forecast-beating 52 percent rise in net profit for the Oct-Dec quarter, helped by higher sales and low finance costs.
The company's net profit for the fiscal third quarter was 841.7 million rupees compared with 552 million rupees a year earlier, it said in a statement on Wednesday.
Net sales were up 25 percent at 6.45 billion rupees over the same period.
Analysts expected the company to post a net profit of 808.4 million rupees, according to Thomson Reuters I/B/E/S.
Unitech, which builds houses as well as commercial and retail properties, had a mobile phone joint venture with Norway's Telenor that was among those whose licences were revoked by a court following the high profile licensing scandal.
On Tuesday the company's shares slumped more than 20 percent after media reports of the company's managing director, Sanjay Chandra's involvement in the allocation of mobile phone airwaves five years ago. The company has strongly denied any allegations. . (Reporting by Aditi Shah; Editing by Sunil Nair)
- Canada's parliament attacked, soldier fatally shot nearby |
- NOAA employee charged with stealing U.S. dam information
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- Canada probes Michael Zehaf-Bibeau as possible suspect in Ottawa shooting: source
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade