GMDC Q1 net plunges 43 pc

Ahmedabad, July 29 (UNI) Gujarat Mineral Development Corporation Ltd (GMDC) has posted a net profit after tax of Rs 13.59 crore for the quarter ended June 30, 2006 as compared to Rs 23.82 crore for the quarter ended June 30, 2005, a fall of 42.94 per cent.

Announcing the results, the company said its total income has increased from Rs 120.68 crore for the quarter ended June 30, 2005 to Rs 155.21 crore for quarter ended June 30, 2006.

The company in a statement said it has improved its performance in on the mining activities. Excluding the power project, it has increased its profits by 9.64 per cent, amounting to Rs 68.70 crore in the first quarter against Rs 62.66 crore for the corresponding period last year.

It has also recorded a rise in sales income by 5.21 per cent in the current financial year which amounts to Rs 121.43 crore against Rs 115.42 crore of previous year.

UNI MMG KU VKG2150