State-owned Singareni Collieries Company Ltd (SCCL) has posted a net profit of Rs 190 crore for the fiscal 2007-08, according to S Narsing Rao, chairman and managing director of SCCL. It has reported a provisional profit before tax of Rs 270 crore for the period under review, as against Rs 117 crore in the previous year. Similarly, the company has posted a gross turnover of Rs 5,157 crore for the year 2007-08 as against Rs 4,200 crore in 2006-07.
Revealing the overall performance of the company for the fiscal 2007-08, S Narsing Rao, chairman and managing director, SCCL said that it has achieved a record coal production of 40.60 MT for the year under review, about 8% over previous year at 37.7 MT. For the coming year 2008-09, the company has fixed a target of 43.56 MT of coal production, he said.
?We have significantly increased the production levels from underground mines in 2007-08 and also bring down losses drastically,? Rao said. While there was Rs 840 crore loss reported due to underground mining last year, it got reduced to Rs 600 crore in the year under review, he added. In effect, the loss has reduced by Rs 150 per tonne of coal produced from underground mines.
As part of the Union government?s proposal to sell coal through e-auction route, SCCL has auctioned about 9.9 lakh tonnes using e-auction route thus generated additional revenue of Rs 71.27 crore.
Rao said that the company is already in the process of acquiring land for captive power plant with a capacity of 500 MW in Jaipur mandal of Adilabad district. The company will use about 125 MW for its own purposes and the remaining will be marketed as merchant plant.
Further, the company is also planning to acquire the SMS Explosives plant at Godavarikhani and Manuguru in the SCCL coalfield owned by IBP. This would benefit the company can access to the explosives without any disruptions.