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NEW DELHI: Monnet Ispat Ltd has posted a net profit of Rs 31.54 crore for the quarter ended December 2004, recording an increase of 276 per cent compared to the corresponding quarter of the previous fiscal.

The company recorded a turnover of Rs 212.47 crore during the period against Rs 62.65 crore in the same period last year, according to a company release.

The earnings per share for the quarter stood at Rs 10.35 against Rs 4.18 registered during the same quarter of fiscal 2003-04.

Meanwhile, the company's coalmine at Raigarh has started commercial operations and production is expected to increase over the next few months in phases. It has also taken significant steps in acquisition of iron ore mines for captive mining, the release added.

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