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Iron ore miner NMDC net profit falls to Rs 636 crore

Devdiscourse News Desk new delhi Last Updated at 13-11-2018 18:41:50 IST India
Iron ore miner NMDC net profit falls to Rs 636 crore
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State-owned iron ore miner NMDC Tuesday said its standalone net profit fell over 24 per cent to Rs 636.37 crore during the quarter ended September 30.

The company had clocked Rs 844.30 crore net profit during the same quarter of 2017-18, NMDC said in a BSE filing.

Total income rose to Rs 2,568.87 crore during the quarter, compared with Rs 2,531.18 crore a year ago.

The company's expenses stood at Rs 1,255.68 crore in July-September 2018 as against Rs 1,290.45 crore in the year-ago period.

"An amount of Rs 77.45 crore is included under the head 'other expenses' up to half year ended September 30, 2018, towards expenditure on enabling facilities for doubling of railway line between Kirandul and Jagdalpur and railway line between Jagdalpur and Ambagaon, required for augmentation of evacuation capacity of Bailadila sector," it said.

It also provided for Rs 103.22 crore towards expected credit loss and a sum of Rs 19.77 crore for mines closure obligation, NMDC said.

NMDC is the country's single largest iron ore producer.

Shares of the company Tuesday ended 0.47 per cent up at Rs 107.45 apiece on BSE.

(With inputs from agencies.)

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