Geojit BNP Paribas FY11 net down to Rs 29 cr

Geojit BNP Paribas Financial Services consolidated net profit for the 2010-11 fiscal has come down to Rs 29.02 crore as against Rs 46.18 crore in the corresponding period last year.

Consolidated revenues for the fiscal came down by 8% from Rs 304 crore to Rs 281 crore, while consolidated Profit Before Tax (PBT) went down to Rs 50.25 crore from Rs 76.80 crore, a company press release said.

The company has also provided Rs 18.80 crore for taxes for the fiscal year 2010-11.

On a standalone basis, gross income went down by 6% from Rs 288.18 crore to Rs 271.40 crore. Profit After Tax (PAT) went down by 15% from Rs 57.15 crore to Rs 48.73 crore.

The board after its meeting yesterday, proposed a dividend of 75 paise on the paid-up value of Re 1 per share for 2010-11. The company had given a dividend of 75 paise per share for 2009-10, it said.

CJ George, managing director of Geojit BNP Paribas Financial Services said though standalone PAT during year came down only by 15%, consolidated PAT came down by 62% due to losses in the JV with BNP Paribas for institutional broking in Bombay and the joint venture in Saudi Arabia.

Barjeel Geojit Securities, the other JV in UAE, continued to report excellent financial results, he said.