Gujarat NRE quarter operating profit up 6 times

Ahmedabad, Jul 29 (UNI) Gujarat NRE Coke net sales/income from operations has gone up to Rs 148.89 crores, up from Rs 64.76 crores in the corresponding quarter ended June 2006.

The overall growth in income has translated to an almost 6 times rise in the Profit Before Interest, Depreciation and Tax (PBIDT) to Rs 62.68 crores from Rs 10.57 crores.

Profit before Tax up 218 times to Rs 50.21 crores (Rs 0.23 crores in June 2006). While Profit After Tax (PAT) has gone up to Rs 42.82 crores as against a loss of Rs 9.69 crores last year. The Board recommended a final dividend of 15 percent subject to the approval of the shareholders in the Annual General Meeting.

''We are happy with the results,'' said Arun Kumar Jagatramka, Vice Chairman and Managing Director in a release here.

Import demand for good quality Coking coal in India alone is expected to surge to 75 million tonnes in 2011-12 (up from 21 million tonnes in 2004-05). With China imposing an export tax thereby discouraging wanton export of Coke from the country, globally the prices are expected to continue their northward journey, he added.

UNI