Nalco Net Profit Jumps 41%

Bhubaneswar, April 29 | Updated: Apr 30 2004, 05:30am hrs
The central sector aluminium major, National Aluminium Company Ltd (Nalco), has posted a record net profit of Rs 735.6 crore in 2003-04 as against Rs 520.9 crore last fiscal, registering a 41.2 per cent hike.

Nalcos sales turnover touched Rs 3,339 crore during the year, registering an increase by 21.9 per cent compared to Rs 2,739.7 crore in 2002-03. The export earning jumped by 13.3 per cent to Rs 1,717.3 crore as compared to the previous year.

The companys board of directors met in Delhi on Thursday to take note of the unaudited financial results of the company for 2003-04. Company director (P&T) and CMD in charge SK Banarjee said that the company was able to report a spectacular result during the year because of higher volume and improved market condition.

With improved results, the earning per share increased from Rs 8.08 per share in 2002-03 to Rs 11.42 per share in 2003-04.

Nalcos physical performance during the year has surpassed the annual targets in all segments. Bauxite mines crossed the rated capacity to achieve all time record production of 48.2 lakh tonne against previous years 47.8 lakh tonne. Similarly, alumina production touched 15.5 lakh tonne against 14.8 lakh tonne in previous year.

Metal production jumped by 21.9 per cent to 298,207 tonne from 244,706 tonne of previous year.