Post News Network
Bhubaneswar, Oct 28: Despite slowdown in the mining sector in the last four years, Orissa Mining Corporation was able to able to grow its revenue along with profit during this period. Its reserves and surplus was also maintained at a healthy level in the last four years.
As per data available, turnover of OMC was at Rs 1,658.15 crore in 2012-13, which had grown to Rs 1,853.88 crore in 2013-14. The revenue of the corporation rose to Rs 1,881.26 crore in 2014-15. In the current financial year, turnover of OMC stood at Rs 446.44 crore by the end of first quarter of this fiscal.
During this period, its PBT (profit before tax) had also improved indicating improvement in operational efficiencies. While net profit of the corporation was at Rs 1,383.46 crore in 2012-13, it increased to Rs 1,449.95 crore in 2013-14. During the last financial year, bottom line of the corporation was at Rs 1,456.25 crore, a marginal improvement over FY14.
Its profit after tax (PAT) improved to Rs 956 crore in FY15 from Rs 896 crore reported in FY13.
The corporation was able to maintain a sound reserves and surplus level in the last four years. In 2012-13, its reserves and surplus was at Rs 5,149.82 crore, which increased to Rs 5,864.17 crore in 2013-14. However, in FY15, the reserves fell to Rs 5,634.89 crore due to higher payout of royalty to the government.
