IFCI Q1 Income Swings To 2468.6 Mn

Development financeThe Industrial Finance Corporation of India company IFCI climbed to a profit of Rs 2,468.6 million for the quarter ended Jun. 30, 2007 as compared to a loss of Rs 156.10 million in the same period of the last year (Jun. 30, 2006).

The Indian lender recorded profit of Rs 2.47 billion ($61 million) in the three months ended June 30. The earnings came up to Rs 3.5 billion in the three months to June 30 from Rs 2.52 billion.

The company’s operating income grew 38.86% to Rs 3,499.50 million for the quarter as against Rs 2,520.10 million for the corresponding quarter last year.

The total income rose 89.44% to Rs 4,855.70 million for the quarter ended Jun. 30, 2007 from Rs 2,563.10 million during the corresponding quarter in the previous year.

The earning per share (EPS) of the company for the quarter swung to Rs 3.83.

The company’s shares, which rose five times since January 1, fell 4.3 per cent to Rs 59.4 on the BSE on Friday.