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Met coke producer Gujarat NRE Coke Ltd on Monday said it had registered a net profit of Rs 5.15 crore for the fourth quarter ended March 31, 2013, as against a loss of Rs 45.51 crore in the corresponding period last fiscal year. Income for the quarter stood at Rs 327.98 crore (Rs 330.42 crore), a decrease of 0.6 per cent.
Annual profit up
Arun Kumar Jagatramka, Chairman and Managing Director, said in a statement here that the company’s performance had been impressive on an annual basis. The net profit rose 10 times to Rs 30.97 crore (Rs 3.09 crore). The total sales revenue for the year, at Rs 1713.04 crore (Rs 1,372.18 crore), also grew at a rate of 25 per cent.
Jagatramka noted that 2012-13 was a challenging year as the Indian steel industry had passed through tough times owing to low demand, iron ore availability issues and other economy-related structural problems. On the future outlook, he said the iron ore mining permission would be a breather for the steel industry in South India, many of whom are Gujarat NRE customers. SAIL has also been a major customer of the company.
“Our mine development in Australia is also progressing as per plan and with increased premium coking coal production, we have a positive outlook on our future performance,” he added.
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