Business Daily from THE HINDU group of publications
Thursday, May 29, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, May 29, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Financial Performance Corporate Results - Financial Services 
Our Bureau Kochi, May 28 JRG Securities Ltd has posted a 33 per cent rise in its net profit at Rs 5.27 crore (Rs 3.95 crore) for the year 2007-08. The board of directors has recommended a dividend of 7.5 per cent for the year. The growth in net profit was achieved despite the company had to provide Rs 5.57 crore as one-time expenses and debtor write-offs, a press release issued here said. The gross income of the company grew by 88 per cent to Rs 51.14 crore. After Baring India Ltd acquired 44.8 per cent stake at a cost of $35 million, the equity capital of JRG increased from Rs 12.79 crore to Rs 23.17 crore. The company’s reserves increased by 321 per cent to Rs 55.99 crore, while the book value increased to Rs 30.14, the press release said. Aggressive growthThe gross income grew by 68 per cent in the last quarter to Rs 12.24 crore, while the company went ahead with its branch expansion and diversification into insurance and mutual fund sectors. The company is on aggressive growth mode and expanding into diverse financial sectors in India and West Asia, Mr Regi Jacob, Managing Director of the company, said. The company has planned to add another 100 branches during the current year. The company is also expecting more revenue from JRG Fincorp, the recently set up NBFC, with a capital of Rs 50 crore. This new joint venture company was formed by JRG Securities and Baring India to fund the company’s business in securities and commodities. More Stories on : Financial Performance | Financial Services
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