Indiabulls Securities FY'09 net loss at Rs 13 cr

Brokerage firm Indiabulls Securities today said its consolidated net loss for the year ended March 31, 2009, stood at Rs 13.04 crore, while it had a net profit of Rs 251.76 crore last year.     

The consolidated total income for the just ended fiscal year dipped over 37 per cent to Rs 405.32 crore from Rs 646.38 crore in the year-ago period, Indiabulls Securities said in a filing to the stock exchanges.     

The board has declared a dividend of Rs 2 on shares of Rs 2 each (100 per cent) for the financial year 2008-09.     

During the quarter ended March 31, 2009, one of its wholly-owned subsidiaries has incurred losses on dealing in securities that resulted in losses amounting to Rs 153.45 crore on a consolidated basis for the year, the company said.     

On a standalone basis, the company reported a net loss of Rs 12.88 crore, while it had a net profit of 248.65 crore a year ago.     

Indiabulls posted 36 per cent fall in its total income at Rs 391.88 crore for the fiscal year 2008-09 from Rs 619.89 crore.     

During the quarter ended March 31, one of its wholly-owned subsidiaries has incurred losses in respect of dealing in securities. Accordingly the company has written off loans of up to Rs 180.93 crore on a standalone basis, the filing added.     

The company proposes to buy back up to 3.92 crore equity shares at a maximum price of Rs 33 a piece. Subsequent to the year end, the company has bought back 7,271 shares.