|
Sarkaritel.com News and
Features-Corporate News
MMTC net profit drops on lower mineral exports
|
Mumbai,
14 May, 2011
State-run trading company MMTC Friday
reported a 2.4 percent dip in net profit at Rs.309.7 crore for
fiscal 2010-11 owing to lower mineral exports, the main
contributor to the firm's bottom line, and increased wage
expenditure.
The company, in a regulatory statement, said the substantial
decrease in mineral exports was because of a ban on iron ore
exports from Karnataka for about eight months of the last
fiscal.
Because of the ban, MMTC's iron ore exports fell to 3 million
tonnes from 6 million tonnes it recorded in 2009-10. "MMTC's
profitability has also been adversely affected due to
increased expenditure on salaries and administrative overheads
during 2010-11," said the statement. |
|
The largest international trading
company of the country, MMTC recorded a 52 percent growth in
business volumes during the last fiscal, achieving a turnover
of Rs.68,687 crore.
The company's net worth rose to about Rs.1,400 crore with zero
long-term debts.
E-Mail :
newseditor@sarkaritel.com
|
|
