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Our Bureau

Hyderabad, July 25 National Mineral Development Corporation Ltd has reported a 56.81 per cent increase in the net profit for the first quarter ended June 30, 2008.

The net profit of the first quarter of the current financial year was at Rs 981.31 crore against Rs 625.77 crore in the corresponding previous quarter.

NMDC’s net sales during the quarter under review increased 54.68 per cent to Rs 1,673.15 crore (Rs 1,081.66 crore).

“We were expecting the sales to cross the Rs 2,000-crore mark during the quarter. But due to the naxal attack on our mines located in Chhattisgarh in June this year work was affected for 10 days due to which the production dipped slightly resulting in the loss of revenues slightly,” Mr Rana Som, Chairman and Managing Director of NMDC, told Business Line after the board meeting here on Thursday.

According to him, the growth in the revenues was mainly due to the improvement in the productivity and not increase in the prices.

“We have not implemented the usual rate hike, normally done with effect from April 1 each year, this year. But it is because the productivity per employee has gone up from 26 tonnes per man shift last year to 30 tonnes per man shift,” he added.

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