Financial Daily from THE HINDU group of publications
Friday, Jan 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 30, 2004 |
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Corporate Results
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Housing Finance Money & Banking - Financial Performance Dewan Housing income, net profit increase Our Bureau
Mumbai , Jan. 29 DEWAN Housing Finance Ltd (DHFL) has announced a 23 per cent increase in net profit at Rs 6.3 crore for the third quarter ended December 2003, up from Rs 5.12 crore during the corresponding previous period. Income from operations rose 10.8 per cent to Rs 36.71 crore (Rs 33.13 crore). Other income amounted to Rs 0.51 crore (Rs 0.06 crore), while interest costs stood at Rs 23.71 crore (Rs 22.79 crore). The company has been able to record significant growth in profit due to a deliberate market strategy, according to Mr Kapil Wadhawan, Managing Director. DHFL has followed an aggressive branch expansion programme across the country, opening offices in Chandigarh, Jammu & Kashmir, Haryana, Himachal Pradesh, and many other States, a release said. The company has also installed an integrated loan management system, an online loan processing system developed by it. Funding wise, this year the company received a $12.5-million loan from IFC, followed by a $15-million loan sanction by ADB. As of December 31, 2004, the company's loan portfolio stood at Rs 1,092.88 crore.
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