Mastek declares 1:1 bonus; Q2 net profit up 450%

BANGALORE: Mastek Ltd. has declared bonus shares in the ratio of one share for every existing equity share held as on December 23, 1999. The equity share capital after bonus stands at Rs 6.91 crore.

During the second quarter to December 31, 1999, Mastek announced a 450 per cent increase in net profit at Rs 6.1 crore as against Rs 1.11 crore for the same period last year. Gross profit after interest, before depreciation and taxation increased to Rs 7.95 crore from Rs 2.05 crore in the same period last year. Total income rose to Rs 22.55 crore from Rs 13.46 crore in the corresponding period last year. Total expenditure was Rs 14.27 crore as against Rs 11.1 crore in the same period last year. Depreciation amounted to Rs 1.85 crore from Rs 94 lakh last year.

Net profit for the six months ended December 31, 1999 was Rs 11.82 crore from Rs 1.73 crore last year. Net revenues for the current half year stood at Rs 44.84 crore from Rs 25.58 crore last year. The Group turnover of Mastek, including that of its wholly owned subsidiaries in the US, UK, Germany, Singapore and Malaysia (net of inter-company sales) amounted to Rs 121.59 crore during the half year ended December 31, 1999 as against Rs 69.06 crore last year. Net profit for the group for the half year was Rs 13.92 crore from Rs 2.2 crore last year. The group net profit for the second quarter increased to Rs 7.21 crore from Rs 1.35 crore last year. Total revenues rose to Rs 60.75 crore as against Rs 35.8 crore in the corresponding period last year. Interim dividend amounting to Rs 25.35 lakh was paid on Cumulative Redeemable Preference Shares allotted to IDBI from the date of allotment till September 30, 1999.