Trading giant MMTC shines with `23.1 crore 4th quarter net profit
The Board of Directors of the state-run trading firm MMTC on Friday recommended a dividend of Rs 0.30 per Equity Share of Rs 1 each for the financial year ended March 31, 2016. Shares of MMTC closed 1.24 per cent up at Rs 36.70 apiece on the BSE. The company reported a 39.17 per cent drop in net profit at Rs 23.1 crore for the March quarter on sharp decline in total income. The company had reported a net profit of Rs 37.98 crore in the year-ago period.
MMTC’s total income from operations plus other income decreased significantly to Rs 1,994.5 crore during the January-March quarter from Rs 5,070.48 crore in the corresponding period of the preceding fiscal. However, during the quarter under review, total expenses of the company also fell to Rs 1,998.34 crore, much lower than Rs 5,084.62 crore in the year-ago period.
The company did not provide the consolidated results on a quarterly bases for the March quarter.
However, the group has posted a net loss after taxes, minority interest and share of loss of associates of Rs 104.51 crore for the year ended March 31, 2016 as compared to net loss of Rs 42.48 crore for the year ended March 31, 2015.
Its total income from operations plus other income decreased from Rs 24,076.55 crore for the year ended March 31, 2015 to Rs 18,960.24 crore for the year ended March 31, 2016.
NMDC, SAIL form Joint Venture for sale & supply of iron ore
State-run miner NMDC and steel PSU SAIL have set up a joint venture -- NMDC SAIL Ltd -- for sale and supply of iron ore from the allocated mining resource in Chhattisgarh. NMDC in a filing to the BSE toady announced incorporation of the joint venture firm 'NMDC-SAIL Ltd'. "The company has incorporated a subsidiary company by the name 'NMDC-SAIL Limited' on May 23, 2016 in order to develop, explore, etc. sale/supply of iron ore from the allocated mining resource in the State of Chhattisgarh," it said. NMDC has a majority shareholding of 51 per cent in the subsidiary company, while SAIL has the remaining 49 per cent shareholding.