Nitco Tiles Ltd Quarterly Profit After Tax at Rs.11.09 Crores

Nitco Tiles Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.110.94 million for the quarter ended June 30, 2007 where as the same was at Rs.69.01 million for the quarter ended June 30, 2006. Total Income is Rs.1171.99 million for the quarter ended June 30, 2007 where as the same was at Rs.69.01 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.4.98 for Quarter ended June 30, 2007 compared to Rs.3.1 reported during Quarter ended June 30, 2006.

The Composite Scheme of Arrangement (the Scheme) for the merger of Shark Properties Pvt Ltd (SPPL) and Nitco Realties Pvt Ltd (NRPL) with Nitco Tiles Ltd and Motivation Properties Pvt Ltd (MPPL) respectively has been approved by the shareholders on June 15, 2007 with the requisite majority under section 91 of the Companies Act, 1956. The final hearing to sanction the Scheme is Scheduled before the Hon’ble High Court(s) on August 17, 2007. The arrangement embodied in the Scheme will be operative from January 01, 2007 and the effect of the financial results of NRPL, SPPL and MPPL into the Company’s financial results will be given upon sanction of the Scheme by the Hon’ble High Court(s) as required by sections 391-394 of the Companies Act, 1956.

The stock closed the day at Rs.249.10, up by Rs.13.50 or 5.73%. The stock hit an intraday high of Rs.250 and low of Rs.236. The total traded quantity was 136236 compared to 2 week average of 51739.

Source : Equity Bulls

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