Hind Copper's net up by 116 per cent

Kolkata, Apr 13 (UNI) Hindustan Copper Limited, one of the leading producers of primary refined copper, has posted a net profit of Rs 112.52 crore and a sales turnover of Rs 1053.52 crore for the financial year 2005-06.

As per the provisional results approved by the company's Board of Directors today HPL had registered 88.43 per cent growth in its sales turnover and 116.14 per cent growth in its net profit over the previous year.

During the year the company sold 38,788 tonness of copper of which 1,402 tonnes was in the form of exports which was done for the first time. Realization from sale of byproducts like gold, silver, selenium and sulphuric acid has been Rs 41 crore representing a growth of more than 100 per cent.

During the years the company had also reduced its interest burden by 20 per cent over 2004-05 through repayment of loans and prudent working capital management.

In accordance with HPL's agreement with the Government of India for the year 2006-07, the Company was targeting production of 42,000 tonnes of refined copper which will be 16 per cent higher than the previous year's production of 36,087 tonnes. The Company has in the mean time initiated actions for major development works in its captive miness in Rajasthan and Madhya Pradesh. This will help the Company to reduce its dependence on import of concentrate, HPL sources here today said.

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