India's Unitech Q3 net profit falls 37 pct
NEW DELHI: Unitech Ltd, India's second-biggest real estate firm, on Monday reported a 37 percent fall in quarterly profit as high property prices and borrowing costs hurt demand.
Unitech said consolidated net profit fell to 1.11 billion rupees ($24.3 million) for its fiscal third-quarter ended December, from 1.76 billion rupees a year earlier.
Net sales fell to 6.60 billion rupees from 7.74 billion rupees a year earlier.
Unitech also has a mobile telecoms joint venture in India with Norway's Telenor.
The joint venture is among five telecom operators that are part of a probe into whether some firms received favourable treatment in the granting of telecoms licences.
A state auditor found irregularities in the licence grant process in 2007/08, which it has said possibly cost the state 39 billion in revenue.
Unitech has denied any wrongdoing.
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