Geojit posts Q4 net loss at Rs 10.76 cr

A stock broking firm Geojit Financial Services today said its consolidated net loss for the fourth quarter ended March 31, stood at Rs 10.76 crore, while it had a net profit of Rs 11.02 crore in the same period of the previous fiscal.

"The net loss of Rs 10.76 crore is after providing for loss of Rs 4.5 crore of the company's joint venture in Saudi Arabia, and of Rs 13.45 crore of its joint venture with BNP Paribus for institutional broking in India. Both entities commenced operations during the year," the company said in a filing to the Bombay Stock Exchange.

Geojit Financial Services said its net sales for the fourth quarter stood at Rs 37.54 crore, however, it had a net sales of Rs 57.78 crore in the same quarter last fiscal.

For the financial year ended March 31, 2009, the company's consolidated net profit dips 31.48 per cent at Rs 40.19 crore against Rs 58.66 crore for the previous financial year.

"Geojit's endeavour is to offer its clients a diversified portfolio that will benefit them under all market conditions," Geojit Financial Services Managing Director C J George said.

Shares of Geojit Financial Services were trading at Rs 25.75, up 0.98 per cent on the BSE.