Unitech profit dips 94 percent

MUMBAI - Infrastructure major Unitech Ltd Saturday said its profit after tax dipped 94.71 percent to Rs.195 million (Rs.19.5 crore/$4 million) for the quarter ended Dec 31 as against Rs.3.69 billion in the year-ago period.

The company’s total income stood at Rs.3.25 billion in the third quarter, a drop of 61.16 percent from Rs.8.48 billion in the corresponding period last year, an official statement said.

The consolidated net profit of the group dropped 74.12 percent to Rs.1.36 billion in the quarter under review from Rs.5.26 billion a year ago.

The statement added that the group’s consolidated net income saw 56.48 percent year-on-year decrease to Rs.5.07 billion from Rs.11.65 billion.