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Our Bureau

Mumbai, June 29 JM Financial has reported 82 per cent dip in its standalone net profit for the quarter ended March 31, 2009.

Net profit for the quarter fell to Rs 4.9 crore during the quarter, from Rs 27.37 crore during the corresponding year-ago quarter.

The company’s net income dropped 40 per cent to Rs 6.77 crore (Rs 11.21 crore).

The consolidated net profit for the same period fell 14 per cent to Rs 85.59 crore (Rs 100.06 crore), while the total income dropped 64 per cent to Rs 75.41 crore from Rs 209.18 crore.

The revenue streams that lost the most during the period were asset management, alternative asset management and investment banking.

The company’s standalone net profit for the year ended March 2009 plummeted to Rs 7.96 crore from Rs 1,360.16 crore for the year ended March 2008.

The share price of JM Financial closed up 1.4 per cent at Rs 46.95 on the BSE on Monday.

Asit C Mehta Financial Services reported a net loss of Rs 20 lakh for the quarter ended March 2009, against the loss of Rs 7 lakh it reported in the same year-ago quarter.

Its net income dipped 98 per cent, to 0.01 crore, from 0.97 crore.

Asit C Mehta’s share price jumped 4.95 per cent to close at Rs 59.50 on the BSE on Monday.

More Stories on : Financial Performance | Financial Services

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