GTF reports 118 pc jump in net profit for FY-06

Mubmai, July 26 (UNI) Global Trade Finance (GTF) has posted a robust 118 per cent jump in net profit at Rs 13.33 crore in the financial year ended March 31, 2006 as against Rs 6.12 crore in the previous financial year.

GTF Managing Director and CEO Arvian Sonmale told mediapersons here today that in FY-06, the non-banking finance company which completed its fourth full year of operations, reported a 47 per cent increase in turnover at Rs 2,800 crore, as against Rs 1,900 crore in the previous financial year.

The value of GTF's factored assets surged by 95 per cent to stand at Rs 799 crore as of March-end 2006, as against Rs 410.7 crore on March-end 2005. This follows a 92 per cent growth achieved in the previous year.

He further said the company continues to be market leader in the export factoring business with a 70 per cent share of market.

During the year under review, GTF tapped foreign currency aggregating USD 58.19 million from Indian and foreign banks at competitive rates of interest. Further, it raised rupee resources aggregating Rs 8,408 crore by borrowing via debt instruments like commercial paper, non-covertable debentures (NCDs) and short-term lines of credit from leading commercial banks.

In a move towards providing specialised services to its clientele, GTF launched the online client access module for ease of access to information and account details on real-time basis to clients, he added.

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