NALCO’s Q3 net profit down 80 percent

February 7th, 2012 - 12:50 am ICT by IANS  

Bhubaneswar, Feb 6 (IANS) The state-run National Aluminium Company Limited (NALCO) has registered a net profit of Rs.51.22 crore for 3rd quarter of 2011-12 fiscal, down 80 per cent against Rs.255.95 crore during the corresponding quarter of the previous fiscal, the company said Monday.

According to the reviewed financial results for the quarter taken on record by the Board of Directors in a meeting held in Bhubaneswar, the sales turnover of the aluminium maker however has increased marginally to Rs.1,527.86 crore, against Rs.1,523.31 crore registered during the comparative quarter of the previous fiscal.

The net profit and sales for the nine months ended Dec 2011 work out to Rs.567.40 crore and Rs.5,068.24 crore respectively, against the corresponding figures of Rs.764.04 crore and Rs.4,460.22 crore of the previous fiscal, the company said in a statement.

B.L. Bagra, chairman and managing director (CMD) of NALCO said the dip in net profit is primarily because of lower prices of products linked to London Metal exchange (LME), increase in prices of input raw materials and fuel, and also due to one-time arrear payment following the long-term wage settlement with unions.

On the production front, during the first nine months, the company produced 3.09 lakh tonnes of metal, as against 3.33 lakh tonnes achieved during the comparable period of the previous fiscal, due to about 120 pots having been taken off the stream at its smelter in Angul.

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