NMDC Q1 net profit up 6% at Rs 1,906 cr

The National Mineral Development Corporation (NMDC) announced that it has posted a net profit of Rs 1,906 crore for the first quarter ended June 30, 2012, an increase of 6 per cent compared to Rs 1,801 crore in the corresponding period last year.

The turnover for the quarter stood at Rs Rs 2,840 crore, as against Rs 2,783 crore in the earlier quarter.

The company’s iron ore production in the current quarter was 12 per cent higher at 6.9 million tonnes (MT),  while sales of iron ore stood was flat at 6.2 MT. As part of its expansion programme, NMDC is developing two new mines at an indicative cost of about Rs 1500 crore, one in Chhattisgarh the other in Karnataka.

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