Date:30/11/2005 URL: http://www.thehindubusinessline.com/2005/11/30/stories/2005113001981900.htm

Back Manappuram Finance co's H1 net up 56 pc

Our Bureau

Kochi , Nov 29

MANAPPURAM General Finance and Leasing Ltd, the flagship company of the Thrissur-based Manappuram group, has registered an increase of 56.1 per cent in its net profit during the first half of the current fiscal.

The company has posted an after tax profit of Rs 1.72 crore as per the audited figures ended on September 30 and the profit before tax rose to Rs 2.62 crore, recording an increase of 49.31 per cent over the corresponding period during the previous year.

Mr P. Manomohanan, Senior Director of the company said at a press meet that the income from the operations raised to Rs 9.08 crore during the first half and showed an increase of Rs 1.69 crore compared to the first half of 2004-05.

The earnings per share rose to Rs 3.23 recording an increase of 31.30 per cent over the corresponding period last year.

This was mainly on account of the expansion and diversification of the activities of the company, he said. The paid up capital of the company was enhanced to Rs 7.5 crore as at the end of September 2005, including Rs 2 crore of preference share capital.

Elaborating the performance of the company, he said that the company continued its thrust towards geographical expansion and further diversification. It has proposals to establish stronger presence in some of the metros consistent with the vision to make it a strong national player and a full-fledged financial super market. Started in the year 1992, it has now 98 branches in 8 States.

Recently, the company has been granted a line of credit of Rs 25 crore by ICICI Bank by way of securitisation.

The public deposit programme of the company has been rated MA by ICRA, a credit rating agency approved by RBI indicating safety to the depositors, he added.