Engineering SEZ gives way to textile zone

An engineering sector special economic zone (SEZ) in Shimoga has been converted into textile zone.

They have shed 71percent of their value since touching a 52-week high of $17last September. Collyn Gilbert of Stifel Nicolaus & Co said this was theprimary factor that led to the upside in the company. Non-performing assets were at $292.2 million, or 1.73percent of total assets at June 30, compared with $269.2million, or 1.63 percent at March 31. Annualized net charge-offs for the quarter were 0.97percent of average total loans, compared with 1.0 percent inthe first quarter, Fulton said. FTN Equity Capital Market analyst David Darst said thecompany’s fundamentals and credit provisions were better thanexpected and core earnings power improved over the firstquarter. Provision for loan losses for the second quarter was $50million, unchanged from the first-quarter levels.

Net interest income during the quarter fell 3 percent to$127.9 million. Analysts on average were expecting the company to earn 2cents a share, excluding items, according to Reuters Estimates. For the second quarter, the company earned $8.1 million, or5 cents a share, compared with $25.7 million, or 15 cents ashare, a year earlier. regional bank FultonFinancial Corp (FULT.O) reported a better-than-expectedquarterly profit as provision for loan losses remained flatsequentially, sending its shares up 8 percent.