The Hindu : Business : Decline in Geojit’s 4th quarter revenue

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Sunday, Apr 19, 2009
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Decline in Geojit’s 4th quarter revenue

Special Correspondent

Hit by adverse market conditions

KOCHI: The Geojit Financial Services has announced its fourth quarter results for the fiscal year 2008-09 following a meeting of its Board of Directors here.

During the quarter under review, the consolidated revenue declined from Rs.64.08 crore to Rs.48.8 crore mainly due to the adverse market conditions.

For the quarter under review, the net loss from ordinary activity after tax of Rs.10.76 crore is after the company has provided for the loss of Rs.13.45 crore incurred for the full year by its joint venture with BNP Paribas in India and on account of the fourth quarter loss of Rs.64 lakh incurred by the company’s joint venture in Saudi Arabia. For the financial year ended March 31, 2009, the company’s consolidated revenue fell by 19.69 per cent from Rs.238.31 crore to Rs.191.38 crore. Profit after tax came down by 31.46 per cent from Rs.58.66 crore to Rs.40.2 crore for the fiscal year.

Geojit continues to offer its clients new and value-added services in these difficult market conditions.

The recent launch of online trading in currency derivatives has expanded the company’s range of online products. The new property services division meets the market gap of an organised, reliable Indian broker with a pan-India presence which can offer investors and builders a single platform for property-related transactions at the right price. Says Managing Director C. J. George: “Geojit’s endeavour is to offer its clients a diversified portfolio that will benefit them under all market conditions.”

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