GIC Housing Q4 net slightly up

MUMBAI: GIC Housing Finance, a subsidiary of state-run General Insurance Corporation, today said its profit after tax rose 2.86 per cent to Rs 17.58 crore in the fourth quarter ended March 31, 2010.

The company, providing loans for purchase of construction of houses, had a profit after tax of Rs 17.09 crore in the same period last fiscal, GIC Housing Finance said in a filing with the Bombay Stock Exchange.

Total income declined to Rs 79.26 crore in the quarter under review from Rs 82.19 crore in the same period last year.

For the year ended March 31, 2010, profit after tax rose to Rs 67.09 crore from Rs 57.14 crore in previous fiscal.

Total income dropped to Rs 311.11 crore in the year under review from Rs 312.49 crore a year ago.

The board of directors recommended a dividend of Rs 4.50 per share on the paid up equity capital of the company for the year 2009-10.

Shares of the company closed at Rs 96.35, up 3.55 per cent from the previous close on the BSE.