Saturday, November 9, 2013

J&K Bank Q2 profit up 12 %

J&K Bank reported a 12.2 per cent increase in its net profit to Rs. 302.66 crore for the July-September quarter.

The lender had posted a net profit of Rs. 269.53 crore for the same period of last fiscal.

The total income during the quarter increased to Rs. 1,749.22 crore, from Rs. 1591.51 crore in the year-ago period, J&K Bank said in a filing to the BSE.

Operating profit increased to Rs. 496.48 crore in the September quarter, as against Rs. 422.58 crore in the same period of the previous fiscal.

During the first half of the current fiscal, the bank's net profit declined by 18.4 per cent to Rs. 610.56 crore, from Rs. 515.62 crore in the first half of 2012—13.

Total income rose to Rs. 3,465.89 crore in the first six months of this fiscal from Rs. 3,161.04 crore in the year-ago period.

As of September 30, 2013, bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 1.69 per cent of gross advances, as against 1.59 per cent year a year ago.

Its net non-performing assets during the second quarter rose to 0.19 per cent from 0.16 per cent in the period a year earlier.

Kingfisher Airlines

Kingfisher Airlines reported a net loss of Rs.716 crore for the second quarter ended September 30, 2013, as compared to a net loss of Rs.754 crore in the same period in the previous year. In the previous quarter, the grounded airline had reported a net loss of Rs.1,157 crore. There was no income for the company as flight operations have been suspended from October last year. Now, the company's accumulated losses have gone up to Rs.17,896 crore as on September 30, 2013.

For the second quarter, the company's employee cost was Rs.50.98 crore as compared to Rs.89 crore. Aircraft lease rentals declined to Rs.38 crore from Rs.197 crore.

Other operating expenses were Rs.26 crore against Rs.158 crore. Finance cost was Rs.345.55 crore as compared to Rs.401 crore.

In a filing to the BSE, Kingfisher Airlines said that it had been exploring various options to recapitalise and restart operation. The airline said it had been talking to potential investors for a revival.

Kingfisher Airlines shares were down by 1.05 per cent at Rs.5.64 on the BSE on Friday.

Seshasayee Paper

Seshasayee Paper and Boards reported a rise of 7.35 per cent in its to Rs. 5.69 crore in the second quarter ended September 30, 2013 from Rs. 5.30 crore during the corresponding period of last fiscal.

For the six month period ending September 30, 2013, the net profit grew by 11.1 per cent to Rs. 12.48 crore from Rs. 11.23 crore during the corresponding period a year ago.

The total income from operations for the quarter ending September 30, 2013, soared to Rs. 253.54 crore from Rs. 202.52 crore during the corresponding period of previous year.
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