Geojit net profit up by 71.5 per cent

Kochi, July 12 (UNI) Geojit Financial Services Limited (GFSL) recorded a net profit of Rs 12.10 crore for the first quarter ended June 30, 2007, after providing Rs 4.89 crore for tax, as against the net profit of Rs 7.07 crore for the same quarter of the previous year.

Income for the quarter increased by 29.06 percent to Rs 41.75 crore from Rs 32.35 crore and profit after tax went up by 71.5 percent, according to an official release here today.

During the quarter, the company had posted a tax income of Rs 3.67 crore in the offer for sale of shares of BSE.

Geojit Commodities Limited, the subsidiary of GFSL, in commodities trade, improved its income by 17.32 percent to Rs 5.39 crore against Rs 4.59 crore for the same quarter of the previous year. Along with increase in commodity income, commission from insurance and mutual fund distribution has improved substantially, the release added.

Barjeel Geojit Securities LLC, a joint venture in the UAE, had recorded 33 percent increase in income and 41 percent increase in net profit during the quarter.

UNI