Starsource Multitrade (506365) Q4 07/08 earnings summary

Executive summary

• Manufacturing remained discontinued throughout FY08; activity centered on share trading and other investments, with diversification opportunities still being explored.

• Aggregate income was Rs 8.40 lakh and profit after tax was Rs 0.08 lakh, down from Rs 1.20 lakh in FY07.

Financial highlights

• Income was Rs 839,522 vs Rs 30,526,656 in FY07; FY08 included dividend income of Rs 315,834, share-sale profit of Rs 515,287 and sundry balances written back of Rs 8,400.

• Profit before depreciation was Rs 134,564 vs Rs 193,364; depreciation was Rs 126,338 vs Rs 73,237; profit after tax was Rs 8,226 vs Rs 120,127.

• Other expenses were Rs 699,503 vs Rs 30,298,235; prior-year costs included Rs 27,066,020 in service charges.

• Accumulated P&L debit balance declined to Rs 29,672,704 from Rs 29,680,930.

Outlook and guidance

• Directors were exploring new business avenues as manufacturing was unviable; diversification had made no significant progress during FY08.