Unitech Q4 net zooms 907.02%, declares 1.1 bonus issue

New Delhi, May 28 (UNI) Second largest realty firm Unitech Ltd today announced a whopping 907.02 per cent jump in net profit at Rs 357.09 crore for the quarter ended March 2007 as compared to Rs 35.46 crore during the same period last year.

Its total income during the fourth quarter went up 301.02 per cent at Rs 884.15 crore from Rs 220.47 crore in Q4FY06.

The company's Board of Directors approved the issue of one bonus share for each held, besides declaring a dividend of 25 per cent for fiscal year ended March 2007.

Unitech's annual profit after tax (PAT) increased 1,390 per cent to stand at Rs 1,305.49 crore as against Rs 87.64 crore for the year ended March 31, 2006.

During 2006-07, its total income rose 255 per cent to Rs 3,388.36 crore as compared to Rs 954.504 crore during the corresponding year.

Attributing the manifold increase to aggressive growth in the real estate sector, Unitech Managing Director Sanjay Chandra said, ''About 70 per cent of our revenues come from the housing sector. We will continue to invest in hospitality, retail and shopping sectors in fiscal 2007-08.'' Unitech opened two retail malls in Delhi and Noida -- The Great India Place Mall and Metro Walk -- spread across one million sq ft and 2,00,000 square feet respectively during the last fiscal and has planned seven-eight malls spread over 50,000 sq ft in the current fiscal.

About 65 million sq ft of area is under construction, Mr Chandra added.

Unitech entered into management agreements with Marriott for managing four courtyard hotels in Gurgaon, Noida and Kolkata during 2006-07.

It signed up with Carlson Group for managing the Country Inn in Gurgaon last year.

Unitech received an in-principle approval for development of a multi-product SEZ at Kundli, Haryana over nearly 10,000 acres.

The Earning per Share (EPS) stands at Rs 16.09 on an equity base of Rs 162.33 crore.

At the current market price, Unitech's market capitalisation is nearly 11 billion dollars.

The company has a reserve base of Rs 1,838.93 crore as of March'07. In addition, it has Rs 265.83 crore invested in liquid debt instruments as of March 31, 2007.

UNI