Post News Network
New Delhi, Nov 12: Public sector aluminium major, National Aluminium Company Ltd (NALCO) reported a 33.78 per cent decline in its net profit to Rs 226.14 crore during the second quarter ending September 30, 2015. The Navratna PSU had clocked a net profit of Rs 341.52 crore in the year-ago period, the company said in a release.
The dip in net profit is attributed to fall in sales number during the second quarter on the back of general slowdown seen in the commodity market. During the second quarter, total income of the aluminium producer fell by 9.04 per cent to Rs 1,815.11 crore against Rs 1,995.52 crore in the same quarter of FY15. Similarly, total expenses of the company during the quarter under review fell to Rs 1,583.06 crore from Rs 1,624.98 crore reported a year ago.
As per the filing with exchanges, net sales of the city-based firm from aluminium declined to Rs 1,150.58 crore in Q2 of 2015-16 from Rs 1,248.69 crore reported in the same period a year ago. On production front, NALCO achieved a production of 28.39 lakh tonne of bauxite, 9.21 lakh tonne of alumina hydrate, while metal production was at 1.80 lakh tonne during the first half of this fiscal. The net power generated during the period was 2843 million units.
The aluminium firm said it is liable to the District Mineral Foundation at 30 per cent of the royalty payable with effect from January 12, 2015 as per Mines and Minerals (Development and Regulation) Amendment Act, 2015 and MMDR Rules. It also said that the company had spent Rs 126.32 crore until October 2014 in the Utkal B coal block, which was deallocated last year by the Supreme Court. The mine was allotted to it in August 2004. “The Ministry of Coal has decided to allot Utkal D and E coal mines to NALCO in accordance with the provisions of the Coal Mines (Special Provisions) Act, 2015 and directed the National Authority to execute the allotment order in favour of the company,” it said in the filing.
