MMTC net profit drops on lower mineral exports
May 13th, 2011 - 4:34 pm ICT by IANSMumbai, May 13 (IANS) State-run trading company MMTC Friday reported a 2.4 percent dip in net profit at Rs.309.7 crore for fiscal 2010-11 owing to lower mineral exports, the main contributor to the firm’s bottom line, and increased wage expenditure.
The company, in a regulatory statement, said the substantial decrease in mineral exports was because of a ban on iron ore exports from Karnataka for about eight months of the last fiscal.
Because of the ban, MMTC’s iron ore exports fell to 3 million tonnes from 6 million tonnes it recorded in 2009-10.
“MMTC’s profitability has also been adversely affected due to increased expenditure on salaries and administrative overheads during 2010-11,” said the statement.
The largest international trading company of the country, MMTC recorded a 52 percent growth in business volumes during the last fiscal, achieving a turnover of Rs.68,687 crore.
The company’s net worth rose to about Rs.1,400 crore with zero long-term debts.
- '25 mn tonnes illegal ore extracted in five years in Goa' - Nov 23, 2011
- Chhattisgarh sees record rise in mineral revenue - Jun 06, 2011
- Railways suffer loss in Chhattisgarh as protest continues - Jan 20, 2012
- Committee to decide whether Chennai port will handle coal - Apr 12, 2012
- Coal India's net profit rises 29 percent - Nov 23, 2010
- Hero Motocorp's scrip down 7 percent - May 03, 2012
- Hero MotoCorp's fourth quarter net up 20 percent - May 02, 2012
- NALCO's Q3 net profit down 80 percent - Feb 07, 2012
- TVS Motor's third quarter net profit up 1.39 percent - Jan 31, 2012
- Oil India's Q3 net profit up 26.58 percent - Feb 05, 2011
- Iron ore export from Goa to dip next fiscal: Exporters body - Oct 04, 2011
- Kingfisher Airlines third quarter loss at Rs.444 crore - Feb 16, 2012
- Jet Airways posts net profit of Rs.9.69 crore - May 19, 2011
- HDFC quarterly net profit rises 10 percent - Jan 12, 2012
- NTPC's third quarter net falls 10.16 percent - Jan 27, 2012
Tags: 6 million, administrative overheads, bottom line, business volumes, contributor, crore, eight months, iron ore exports, karnataka, mineral exports, mmtc, net profit, net worth, profitability, rs 1, salaries, substantial decrease, term debts, tonnes, turnover