MOIL Q4 net profit nosedives over 90 pc to Rs 13.5 cr

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Sate-run MOIL on Thursday reported a sharp fall of over 90 per cent in its consolidated net profit at Rs 13.47 crore for the quarter ended March 31, 2020,
Sate-run MOIL

New Delhi, Jun 18 (PTI) Sate-run MOIL on Thursday reported a sharp fall of over 90 per cent in its consolidated net profit at Rs 13.47 crore for the quarter ended March 31, 2020, mainly on account of reduced income.

The company had posted a net profit of Rs 139.63 crore during the same quarter a year ago, MOIL said in a BSE filing.

Total income during the quarter under review fell to Rs 282.96 crore from Rs 487.47 crore in the year-ago period.

Total expenses stood at Rs 261.34 crore as compared with Rs 293.48 crore in the year-ago quarter.

The company produces and sells different grades of manganese ore. It operates 10 mines, six of which are located in Nagpur and Bhandara districts of Maharashtra, while four are in Balaghat district of Madhya Pradesh.

Source:PTI

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