Unitech Q4 net loss widens

Beleaguered realty developer Unitech’s consolidated net loss for the quarter ended March widened to Rs 999.84 crore from Rs 290.19 crore loss a year ago despite higher income. Total income for the quarter rose 103.5% from a year ago to Rs 977.59 crore, the company said in a regulatory filing. Higher operational expenditure that grew nearly 20% year-on-year to Rs 1,107.10 crore stressed the performance in addition to exceptional item worth Rs 927.84 crore.Crisis-hit Unitech has been facing homebuyers’ protests and is entangled in litigations owing to delay in project deliveries. For the year ended 2017-18, the company reported consolidated net loss of Rs 1,275 crore as against Rs 402.7 crore loss a year ago. Total income for the year rose to Rs 2,210.19 crore from Rs 1,795.25 crore a year ago.