NALCO's Q2 net profit down 96%
Bhubaneswar: The state-run National Aluminium Company Limited (NALCO) Thursday reported about 96 percent dip in net profit, to Rs.5 crore, for the second quarter ended Sep 30, 2012, as against Rs.139 crore in the same quarter of the previous fiscal.
"The sharp dip in profit is mainly due to supply disruption and poor quality of coal during the rainy season," the company said in a statement.
It said due to use of more costly imported coal and purchase of power from state grid, which is even more expensive, and also the use of heavy fuel oil (HFO) in higher quantities, the net operating cost of the company increased by Rs.149 crore during the quarter.
According to the reviewed financial results for the second quarter of financial year 2012-13, taken on record by its board in the meeting held in New Delhi, the net sales is marginally higher at Rs.1,586 crore, as against Rs.1,584 crore in the comparable quarter of the previous fiscal.
On the production front, the aluminium production was marginally higher at 3.98 lakh tonnes as against 3.88 lakh tonnes during the corresponding quarter of last year.
However, during the quarter, power generation was slightly less at 1,444 million units as against 1,466 million units and aluminium production was 1.02 lakh tonnes as against 1.05 lakh tonnes achieved in the second quarter of the previous fiscal.
As regards metal sales, it was more or less equal during the comparable quarters at 1.01 lakh tonnes.
Bhubaneswar-headquartered NALCO is India's third-largest aluminium maker.
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