Gujarat NRE posts Rs.1.02 bn net profit

November 1st, 2008 - 7:14 pm ICT by IANS  

Kolkata, Nov 1 (IANS) Metallurgy coke producer Gujarat NRE Coke has posted a net profit of Rs.1.02 billion in the second quarter this fiscal, up from Rs.125.5 million a year ago, a company statement said here Saturday.”Fundamentals are not driven by market sentiments. Globally there is a shortage of good quality hard coking coal and met coke, and we are extremely well integrated, enjoying efficiencies across the entire gamut of our workings - from the mines of Australia to the production of coke in our plants in India,” Arun Jagatramka, vice-chairman and managing director of the company, said.

Gujarat NRE is in the process of increasing its met coke capacity to 2.5-million-tonne per annum by December 2010, which includes setting up of a one-million-tonne greenfield plant in south India. Necessary land for the project has already been acquired and initial work in the project has started, the company said.

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