Unitech Q3 Net Profit up 52 Percent, Beats Estimates
February 13, 2013 10:08 PM EST
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 (TEL.OL) that was among those whose licences were revoked by a court following the high profile licensing scandal.
On Tuesday the company's shares ended down nearly 18 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.
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Sydney Software Firm Bigcommerce Teams Up With Alibaba To Beat Amazon
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related