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Consolidated net profit of Geojit BNP Paribas Financial Services for FY12 has come down to Rs 19.45 crore against Rs 29.02 crore registered in the previous fiscal.
The consolidated profit before tax went down to Rs 47.59 crore from Rs 50.25 crore. For the year under review, the consolidated revenues also came down by 8.58 per cent from Rs 281.29 crore to Rs 257.14 crore.
Mr C.J. George, Managing Director of Geojit BNP Paribas Financial Services said, “due to the sluggish market volumes and poor macro economic environment, the top line performance was negatively affected, resulting in the decline”.
“During the next quarter, our two joint venture partnerships in Kuwait and Oman will become operational, enabling us to further consolidate our presence in West Asia. I believe that it will help us reach out to more NRI customers in the region,” he said.
The company also provided Rs 24.27 crore for taxes for the fiscal year 2011-12 due to additional provision of tax of Rs 9.63 crore relating to an earlier year.
On a standalone basis, the gross income went down by 13.22 per cent from Rs 271.40 crore to Rs 235.51 crore. The PAT went down by 18.48 per cent from Rs 48.73 crore to Rs 39.72 crore.
This being the silver jubilee year of the company, the board has proposed to retain the dividend of 75 paise on the paid-up value of Re 1 per share for 2011-12, although the profits declined.
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