Everonn reports Rs6.54 crore net loss for Q3 FY11-12

The total income of Everonn Education for the third quarter ending 31 December 2011 stood at Rs88.27 crore

Education services company Everonn has reported a net loss of Rs6.54 crore for the third quarter ending 31 December 2011. The company reported a net profit of Rs21.62 crore during the same period of previous year, Everonn Education said in a statement.

For the nine month period ending 31 December 2011 the net profits of the company dipped to Rs8.78 crore as against Rs44.87 crore registered during the same period of previous year.

The total income of the company for the third quarter ending 31 December 2011 stood at Rs88.27 crore as against Rs85.70 crore registered during the same period of previous year. For the nine month period ending 31 December 2011, the total income of the company rose to Rs218.94 crore from Rs204.08 crore registered during the same period of previous year.

The company said “given the seasonal nature the industry, the results of any quarter may not be a truly indicative of the quarter to quarter/annual performance”. Besides it said, “considering the delay in realisation of dues from government and other contracts, no adjustments have been made in the unaudited consolidated financial results, as the management is confident of its ultimate recovery”.

In the early afternoon, Everonn Education was trading at around Rs321 per share on the Bombay Stock Exchange, 4.42% up from the previous close.

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Cox & Kings posts net loss of Rs7.56 crore in December 2011 quarter

“Historically its peak earnings are in the April-September period and its results are in line with trading expectations,” Cox & Kings director Peter Kerkar said

Travel company Cox & Kings (CKL) posted a net loss of Rs7.56 crore for the quarter ended 31 December 2011. In the year ago period, the company had posted a net profit of Rs27.41 crore in the corresponding quarter of last year.

The results for the quarter are not comparable with that of the same period previous fiscal due to the acquisition of Holidaybreak Plc during the second quarter of the fiscal, CKL said in a statement.

“Holidaybreak has seasonal businesses and generally the October-March period is off-peak season. Historically its peak earnings are in the April-September period and its results are in line with trading expectations,” Cox & Kings director Peter Kerkar said.

The income for the period stood at Rs284.62 crore as compared to Rs108.31 crore for the year ago period.

In the early afternoon, Cox & Kings was trading at around Rs184.70 per share on the Bombay Stock Exchange, 0.27% down from the previous close.

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RBI asks bankers to “stir up passion” for financial inclusion

RBI says merely opening accounts of villagers in unbanked areas under FIP will not serve any purpose where transactions in holders’ accounts is minimal

The Reserve Bank of India (RBI) asked bankers to “stir up passion” for providing banking facilities to unbanked villages in Punjab and Haryana within the stipulated time frame of March 2012. The apex bank made this observation while reviewing the FIPs (Financial Inclusion Plans) during the State-Level Bankers Committee (SLBC) meeting for Punjab and Haryana. Over 450 villages in both states are yet to be covered under the Centre’s most ambitious FIP.

“Passion and zeal is missing among bank officials... There has to be passion... Let us change our attitude... We are not officers... We have to work as public servants,” Jasbir Singh, RBI regional director, said while discussing the review of financial inclusion programme. RBI says merely opening accounts of villagers in unbanked areas under FIP will not serve any purpose where transactions in holders’ accounts is minimal.

“Mere opening of accounts will not serve purpose... transactions should also take place in the accounts,” said Mr Singh, acknowledging that number of transactions in accounts was not encouraging at several places. He added that bank officials need to go to the masses in villages and try to bring them in the banking fold. RBI in its field visits conducted at some places in Punjab and Haryana found that bankers were enrolling the beneficiaries while showing them as covered under FIP, though smart cards were not issued to account holders, he said. In some cases where the smart cards are issued, it remained non-operational, he added.

 According to the RBI, the FIP is treated as complete with the whole operations of identification, enrolment, issuance of smart cards, and its operations by the account holders to be ensured by business correspondents. Banks have been given the target of covering 1,576 unbanked villages in Punjab and 1,838 villages in Haryana, with a population of 2,000 and above, by March 2012. Out of these, 1,260 and 1,670 villages have been covered in Punjab and Haryana by December 2011, respectively, SLBC report said.

Mr Singh also stressed on creating awareness among villagers about the benefits of banking services so they could start using banking services at large scale. Coverage of unbanked villages under FIP assumes significance as the Centre intends to extend benefits of banking to each citizen of India for speeding up economic development.

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COMMENTS

nitai chandra ray

5 years ago

I had the opportunity to interact with a
Financial Inclusion Supervisor today .
What emanated from the conversation
is that Banks have taken the financial
inclusion plan of RBI as another gimmic .
All the Bank Officials and the Banking
Correspondents should be empathetic
to unbanked rustic remote areas . Only
circulars and statements will not serve
the purpose of issuing smartcards to
illiterate peasants of India .

We are listening!

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