The Hindu : Business : Manappuram Finance net up by 168 per cent

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Friday, May 25, 2007
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Manappuram Finance net up by 168 per cent

Special Correspondent

Board recommends 18% dividend

KOCHI: Manappuram General Finance and Leasing Limited, the Valapad-based Non-Banking Financial Company, has posted an after tax profit of Rs.1,061 lakh during 2006-07 as against Rs.395 lakh during 2005-06, registering an increase of 168 per cent over last year.

Addressing a press conference here on Wednesday night, V.P. Nandakumar, chairman, said that profit before tax during the fiscal is Rs.1,635 lakhs as against Rs.606 lakh, registering an increase of 169 per cent. The gross income rose to Rs.4,365 lakh as against Rs.1,974 lakh registering an increase of 121 per cent over the previous year. Profit would be Rs.1,080 lakh if the net profit of the wholly owned subsidiary of the company, that is, Manappuram Insurance Brokers Private Limited was also taken into account.

Mr. Nandakumar said the company has made a bonus issue in the ratio of 1: 1 , which resulted in doubling its equity capital. Despite this, earning per share rose to 27 per cent, which is considered to a commendable performance. This apart, the Board has recommended a higher dividend of 18 per cent on the increased equity for the fiscal 2006-07. In effect, the shareholders of the company stand to gain doubly on account of this, a press release said. In response to a query, I. Unnikrishnan, managing director, said the group was expecting listing in the National Stock Exchange within two months. The company also planned to raise capital, though the exact mode was not finalised. The stress now was on retail and corporate business of insurance broking.

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