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Our Bureau

Hyderabad , Aug. 9

MAGMA Leasing Ltd has announced that it has achieved a growth of 23 per cent in net disbursal for the first quarter ended June 2005 at Rs 346 crore (Rs 280.54 crore).

In a press release here on Tuesday, the company said its gross profit surged 62 per cent at Rs 13.63 crore. However, its profit after tax improved marginally at Rs 8.43 crore.

The company attributed this to increased staff cost as well as increase in interests and depreciation cost compared to the corresponding period last year.

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