Geojit reports net profit of Rs 8.8 crore

KOCHI: Geojit Financial Services Ltd, a joint venture between Geojit and Kerala State Industrial Development Corporation (KSIDC), has posted a net profit of Rs 8.8 crores for the year 2003-04 compared to Rs 29 lakhs for the previous year. Revenues, which were Rs 17.7 crores during 2003, had doubled to over Rs 37 crores, a release from Geojit said here on Tuesday.During the year, the company had declared and paid an interim dividend of 15 per cent and the Board at its meeting last week had recommended another 10 per cent for the year, making the total dividend to 25 per cent for the entire year, it said. The company has a network of 164 offices in the country and client base has grown to over 2 lakh investors. Geojit has a joint venture in UAE with offices at Dubai and Abu Dhabi and a tie-up with Doha bank in Qatar to provide investor services to NRSs, it said. Geojit had entered the commodity futures business through its wholly owned subsidiary, which has membership in the three leading national multi-commodity exchanges. Eighteen commodities are being traded through more than 84 geojit terminals across the country in various exchanges, with rubber, pepper, gold and cardamom being the most active among others, the release said. The last fiscal saw a commodity turnover valued at Rs 2,20 crores traded through Geojit and revenue earnings were to the tune of Rs 2 crores. Geojit is primarily a retail financial services company engaged in stock broking, depository services and distribution of mutual funds and insurance.