Nalco’s Q2 profit down by 38 percent

November 12th, 2011 - 11:27 pm ICT by IANS  

Bhubaneswar, Nov 12 (IANS) The state-run National Aluminium Company Limited (NALCO) Saturday reported a 38 percent dip in net profit, to Rs.139 crore, for the second quarter ended Sep 30, 2011 as against Rs.224.04 crore in the same quarter of the previous fiscal.

“The less than expected results are mainly due to lesser and poor quality of coal supplied by Coal India during the quarter, which forced the company to use more expensive, imported coal, and use purchased power from state grid,” the company said in a statement.

According to the reviewed financial results taken on record in the board meeting held here Saturday, the sales turnover of the company however has surged by about 9 percent to Rs.1,689.38 crore against Rs.1,548.75 crore in the same quarter last year on higher sale prices of alumina and aluminium.

However, the net profit and sales turnover for the 1st half of 2011-12 have increased to Rs.516.18 crore and Rs.3,540.38 crore, respectively, from the corresponding figures of Rs.508.09 crore and Rs.2,936.91 crore achieved during the first six months of the previous fiscal, it said.

The Bhubaneswar headquartered NALCO is India’s third largest aluminium maker.

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