Unitech, the country's third largest real estate firm reported cut of Rs 325 crore in
its consolidated net debt in financial year 2011-12 in spite of continuing
losses.
The company’s debt reduced to 5,400 crore which was reported
to be 5,399 crore on March 31, 2011 according to audited result of last fiscal.
Company official believes, "The reduction in debt of Rs
325 crore during FY'12 was through internal accruals," Unitech faced 53 % decline
in its profit last week for the quarter ended in June. This year the
consolidated net profit stood at Rs 45.88 crore against Rs 98.36 crore in June
last year.
"The company's focus continues to be on ramping up the construction activity and is taking several measures to this end. A lot of emphasis is also being laid on improving various processes to drive efficiencies and reduce costs," Unitech Managing Director Ajay Chandra had said in a statement.
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