NEW YORK, July 3 /PRNewswire-FirstCall/ -- Millennium India Acquisition Company, Inc. ("MIAC") (Nasdaq: SMCG - News) today announced US GAAP results for the year ended March 31, 2008 for SMC Group of Companies ("SMC Group").For the fiscal year ended March 31, 2008, SMC Group announced total revenues of approximately $57.1 million (Rs. 2,286 million), Earnings Before Income Taxes of $22.4 million (Rs. 898.3 million), and Net Income of approximately $15.5 million (Rs. 620.6 million) on a combined basis. For the year ended March 31 2007, US GAAP revenues were approximately $34.2 million (Rs. 1,370.5 million), Earnings Before Income Taxes were $17.2 million (Rs. 687.4 million) and Net Income was approximately $12.6 million (Rs. 504.8 million) on a combined basis. SMC Group recorded growth in revenues of 66.8% and growth in Earnings Before Income Taxes of 30.7%. SMC Comtrade was consolidated into SMC on April 26, 2007.
The combined financial information for SMC Group set forth in this release contains combined financial information for SMC Global, SAM Global and SMC Comtrade. This information is derived from financial information prepared under US GAAP for these companies. The amounts for fiscal year 2007 pertain to the full fiscal year for all three companies. The amounts for fiscal year 2008 include SMC Global and SAM Global for the full fiscal year and SMC Comtrade from the date of acquisition. The compilation is not a measure prepared in accordance with generally accepted accounting principles ("GAAP") and is unaudited.
The SMC Group publishes its financial information in Indian Rupees. All translations from Indian Rupees to U.S. dollars are made on the basis of an exchange rate of Rs. 40.2 = U.S.$1.00 and are made solely for the convenience of the reader.
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