Friday October 30, 09:15 AM
Hirco slips to FY after-tax loss; NAV up 2.5 pct
* Says FY loss mitigated by improvements in H2
* FY post-tax loss 17.7 mln stg vs yr-ago profit 75.1 mln
* Shares up 3.5 pct
(Adds details)
Oct 30 (Reuters) - India-focused property company Hirco Plc (LSE: HRCO.L - news) slipped to a full-year loss after tax but said it was cautiously optimistic that India would emerge from the global financial crisis more quickly than other major economies.
Hirco, the investment vehicle of India's residential builder Hiranandani Group, said net asset value at the end of the year to Sept. 30 stood at 6.89 pounds ($11.41) per share, up 2.5 percent from March 31.
The company, which reported an after-tax loss of 30.9 million pounds for the first half ended March 31, said its full-year loss was mitigated to some extent by improvements in the second half when it posted a profit of 13.2 million pounds.
'The rising confidence in the second half of the year that the worst was over for the Indian economy translated into strong increases in both sales and sales enquiries in the last quarter,' Chairman Niranjan Hiranandani said in a statement.
Hirco reported a full-year after-tax loss of 17.7 million pounds, compared with a profit of 75.1 million pounds in the previous year.
Shares of the company were up 3.5 percent at 190 pence at 0855 GMT on Friday on the London Stock Exchange (LSE: LSE.L - news) .
($1=.6039 Pound)
(Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) Keywords: HIRCO/RESULTS
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
