Kochi: Gold loan company Muthoot Finance reported a 22 % dip in its net profit at Rs 780 crore for the fiscal ended March 31, 2014. During the previous fiscal, the company had registered a profit of Rs 1,004 crore. The company has also reported a 6.7 % decline in its net profit at Rs 181 crore for the fourth quarter ended March 31, 2014, as against Rs 194 crore in the same period a year ago.
Chairman M G George Muthoot said it was a turbulent year for the company due to adverse regulatory environment, fluctuation in gold prices and economic slowdown. The company has plans to restructure itself to strengthen its sales and HR teams to improve business within a year, he said adding that regional offices would be strengthened and 300-500 more branches would be opened.