GMDC reports 45 pc rise in net at Rs 101 crore in Q3

Written by: Pti
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Ahmedabad, Feb 10 (PTI) State run mineral and miningmajor Gujarat Mineral Development Corporation (GMDC) todayreported a rise of 45 per cent in its net profit for the thirdquarter ending December 31 at Rs 101 crore.

The company had posted a profit of Rs 71 crore duringthe corresponding quarter of FY-2009-10.

Backed by strategic mining decision, the companyturnover in the third quarter stood at Rs 360 crore, a rise of33 per cent as compared to the corresponding quarter a yearago.

The company had posted turnover of Rs 270 crore duringthe corresponding quarter a year ago. The state PSU''s totalturnover in the first three quarter''s of FY 2010-11 stood atRs 951 crore.

It had clocked a profit of Rs 56 crore in the secondquarter ending September against a profit of Rs 38 crore inthe first quarter of FY-2010-11.

While, announcing the unaudited results, GMDC ManagingDirector V S Gadhvi said "the third quarter results areencouraging and speak volumes about our performance."

Meanwhile, the company said it has proposed to set upa Pyrite removal plant of 1.5 million tonnes per annumcapacity at its Bhavnagar mines to boost production oflignite.

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