The Hindu : Business : Manappuram posts higher profit

Online edition of India's National Newspaper
Friday, Jan 26, 2007
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Business

Business

Manappuram posts higher profit

Staff Reporter

Branch expansion yields result

KOCHI: The Thrissur-based Manappuram General Finance and Leasing Limited, flagship company of the Manappuram Group, has posted an after tax profit of Rs.619.59 lakh for the first three quarters ended December 31, 2006.

Announcing the results, V.P. Nandakumar, chairman of the group, said the net profit registered an increase of 130.63 per cent compared to the figures on December 31, 2005.

The profit for the third quarter rose 56.03 per cent over the second quarter profit of Rs.200.89 lakh.

Income for the three quarters ending on December 31, 2006, at Rs.2,655.03 lakh rose by 78 per cent over the corresponding period the previous year.

Earnings per share rose to Rs.11.03 recording an increase of 119 per cent over the corresponding period last year.

The improvement in overall performance was mainly on account of expansion of the branch network of the company along with diversification of activities, he said.

The Board of Directors approved the proposal to issue bonus shares in the ratio 1:1. This would utilise Rs.550 lakh from the reserves of the company which stood at Rs.1,278 lakh.

Mr. Nandakumar said the company would establish stronger presence in urban and semi-urban locations throughout the country. Shares of the company were listed in Bombay, Chennai and Kochi stock exchanges and actively traded in the Bombay Stock Exchange.

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