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Unitech tanks over 6% as Q4 loss swells

Unitech plunged over 6 per cent today after net loss of the ..

Unitech plunged over 6 per cent today after net loss of the beleaguered realty developer widened.

The figure rose to Rs 999.84 crore in Q4 FY18, from Rs 290.19 crore in the same quarter last year.

The scrip was down 6.17 per cent at Rs 4.87 around 3 pm. The BSE Sensex jumped 175 points, or 0.49 per cent, to 35,658.

Total income jumped over two fold to Rs 977.59 crore during January-March, from Rs 480.36 crore in the year-ago quarter.

Despite a sharp rise in income, the company has suffered net loss due to higher operational expenditure and an exceptional item of Rs 928 crore.

For the entire 2017-18, net loss came in at Rs 1,275.07 crore against Rs 402.66 crore in 2016-17. Total income, however, increased to Rs 2,210.19 crore, from Rs 1,795.25 crore in 2016-17.

Debt-ridden Unitech is facing huge protest as well as litigations from homebuyers because of significant delay in completion of their housing projects across the country.

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