Country's second largest reality firm, Unitech could not perform well in previous year following slump in reality prices due to global slowdown. The New Delhi based company posted 28 per cent decline in its net profit for full year. However, the firm witnessed gradual increase in demand for its residential projects located in different parts of the country.

Firm's consolidated net profit stood at 11.98 billion rupees for the financial year 2008 as compared to 16.62 billion rupees last year. Its total income declined 22.5 per cent to 33.15 billion rupees against its previous year income. Its net profit is said to have remained at 2.79 billion rupees for the March quarter as per Reuters calculation.

Leading developers such as DLF and Unitech focused on low cost housing projects in the past and reported good response from the public according to Sanjay Chandra, Managing Director of Unitech Ltd. The developer is optimistic to book 20 million spaces for various projects in the coming months.

Meanwhile,The board of company has proposed a dividend of Rs 10 per share to its stakeholders.Shares of Unitech surged 6 per cent at 82.50 rupees on the Bombay Stock Exchange.