Comments
Multi Commodity Exchange has reported a 43 per cent drop in net profit to Rs 44 crore in the March quarter against Rs 77 crore registered in the same period last year. Total income almost halved to Rs 64 crore (Rs 127 crore).
The exchange has declared a dividend of Rs 3 a share.
On the positive side, the exchange’s total expenses halved to Rs 33 crore (Rs 65 crore) as it reduced the software and support charges to Rs 13 crore (Rs 21 crore).
The company has identified expenses of Rs 12 crore incurred in 2013-14 where for corresponding service may not have been received.
Accordingly, such expenses have been reversed and a provision for doubtful recoverable has been made in the book equivalent to that amount. This would lower the net profit by Rs 4 crore, said the auditors in their qualification along with profit and loss account.
Shares of the company were down two per cent at Rs 537 on Friday.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.