NMDC Q3 profit after tax declines 30.45%
The iron ore miner had reported a net profit of Rs 1,858.81 crore during the third quarter of the fiscal 2011-12.
Turnover for the December quarter 2012 also fell by 27 per cent to Rs 2,048 crore from Rs 2,822 crore a year ago.
According to NMDC chief CS Varma, heavy rains in the Bailadila mines area disrupted the mining and evacuation of ore which dragged down production to 5.36 million tonnes during the quarter, as against 7.14 million tonnes in the corresponding quarter of the last fiscal.
Sales were registered at 5.32 million tonnes during the last quarter in the current fiscal against 6.40 million tonnes during the corresponding period last fiscal.
"The main reason has been there was heavy rain fall in the Bailadilla region where 80 per cent of the production comes from that region. The rain fall has been the highest for the last 20 years. Subdued market condition has also impacted the revenue," Varma told reporters in a press conference.
Varma, however, said he is confident that they would able to make up production loss in the current quarter.
"Now the production has picked up and we are quite hopeful whatever production we lost during the three quarters we should be able to make up in the current quarter," he said.
He expected the company would end up with
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