mic electronics ltd (MICE) Snapshot

MIC Electronics Ltd. announced unaudited consolidated and standalone financial for the second quarter and six months ended March 31, 2013. For the quarter, the company reported on standalone basis net sales/income from operations (excluding branch transfer) of INR 206.8 million against INR 234.0 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 34 million against INR 53.9 million a year ago. Loss from ordinary activities before tax was INR 3.4 million against INR 529 million a year ago. Net loss after taxes, minority interest and share of loss of associates was INR 2.8 million or INR 0.03 per diluted share against INR 504.4 million or INR 4.92 per diluted share a year ago. For the six months, the company reported on standalone basis net sales/income from operations (excluding branch transfer) was INR 407.9 million against INR 815.7 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 60 million against INR 141.2 million a year ago. Loss from ordinary activities before tax was INR 4 million against INR 523.4 million a year ago. Net loss after taxes, minority interest and share of loss of associates was INR 0.4 million or INR 0.0 per diluted share against INR 505.3 million or INR 4.93 per diluted share a year ago. For the quarter, the company reported on consolidated basis net sales/income from operations (excluding branch transfer) was INR 265.1 million against INR 251.4 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 38.9 million against INR 56.1 million a year ago. Loss from ordinary activities before tax was INR 0.1 million against INR 528.8 million a year ago. Net profit after taxes, minority interest and share of loss of associates was INR 0.3 million or INR 0.0 per diluted share against net loss after taxes, minority interest and share of loss of associates of INR 504.2 million or INR 4.92 per diluted share a year ago. For the six months, the company reported on consolidated basis net sales/income from operations (excluding branch transfer) was INR 477.7 million against INR 833.0 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 67.4 million against INR 145.1 million a year ago. Profit from ordinary activities before tax was INR 3.1 million against loss from ordinary activities before tax of INR 524.3 million a year ago. Net profit after taxes, minority interest and share of loss of associates was INR 2.9 million or INR 0.03 per diluted share against net loss after taxes, minority interest and share of loss of associates of INR 506.2 million or INR 4.94 per diluted share a year ago.

MIC Electronics Ltd. accepted resignation of Pramod Kumar Bahinipati from the Board of Directors due to his preoccupation with effect from May 14, 2013.

MIC Electronics Ltd. announced that they will report Q2, 2013 final results on May 14, 2013