NMDC Q3 net vaults over 81 per cent to Rs1,518 crore
01 Feb 2011
National Mineral Development Corporation (NMDC) has posted an 81.35 per cent increase in its net profit for the quarter ended 31 December 2010 at Rs1,518.03 crore against a net profit of Rs837.07 crore during the quarter ended 31 December 2009.
Total income of the state-run miner increased to Rs2,915.94 crore for the quarter ended 31 December 2010 from Rs1,799.09 crore during the previous year quarter, unaudited results released by the company showed.
The board of directors of the company at its meeting today approved a dividend of Rs1.15 per equity share for the financial year 2010-11.
During the year, NMDC merged Sponge Iron India Ltd with itself, effective 1 July 2010, as per the directive of the ministry of corporate affairs.
Sponge Iron India had accumulated losses to the tune of Rs36.31 crore between 30 June 2008 and 31 March 2010. This, NMDC said, has been adjusted against the company's general reserve.
NMDC said it had incorporated the accounts of the unit from 1 April 2010 and that the impact of the operating results on the company was not significant.