Mirc Electronics Q1 net profit up at Rs.7.91 Crores

Mirc Electronics Ltd has announced the following Unaudited results for the quarter ended June 30, 2007.

The Company has posted a profit after tax of Rs 79.10 million for the quarter ended June 30, 2007 as compared to Rs 68.80 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 3335.00 million for the quarter ended June 30, 2006 to Rs 4465.20 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.0.56 for the quarter ended June 30, 2007 compared to Rs.0.48 during quarter ended June 30, 2006.

The stock closed the day at Rs.17.40, up by Rs.0.15 or 0.87%. The total traded quantity was 82097 compared to 2 week average of 66878. The stock hit an intraday high of Rs.17.90 and low of Rs.17.25.

The Board of Directors and Shareholders of Akasaka Electronics Ltd (AEL) and Imercius Technologies (India) Ltd (ITIL) have approved the amalgamation of AEL into ITIL with effect from April 01, 2006. The final hearing for approval of the scheme of amalgamation by the Bombay High Court has been completed and the order for approval is expected in short time. As scheme will become effective on filing of the order of the High Court with Registrar of Companies (ROC) no effect has been given to the amalgamation in the books of the company as a holding company for AEL and ITIL.

The company has an investment of Rs 217.60 million in ITIL and Rs 42.30 million in AEL. The merged company will have positive net worth and is likely to have profitable business and hence no provision for diminution in value has been made against the investment in ITIL.

Source : Equity Bulls

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