Westlife Foodworld (505533) Q4 08/09 earnings summary

Executive summary

• FY09 net profit fell 7.4% to Rs 13.99m from Rs 15.11m, attributed to lower interest accruals as rates declined.

• Strategic shift from investment and lending toward real estate, construction, lifestyle development and tourism; development plans remained in progress.

Financial highlights

• Total income was Rs 18.83m versus Rs 17.10m; profit before tax was Rs 15.56m versus Rs 16.65m.

• Profit after tax was Rs 13.99m versus Rs 15.11m; basic and diluted EPS was Rs 0.87 versus Rs 0.94.

• Income included Rs 6.39m interest, Rs 2.66m mutual-fund dividends, Rs 2.78m net investment-sale gains and Rs 5.46m gains on immovable-property sales.

Outlook and guidance

• Development plans were to proceed; proposals focused on real estate near Mumbai, including areas near the proposed new international airport, potentially with a foreign investor.

• Maldives was explored as a potential resort destination through an on-site study; no operating activity had begun at the wholly owned resort subsidiary.