Australian arm registers 60% growth in H1 coking coal production
Kolkata, 18th October 2012: The Board of Directors of Gujarat NRE Coke Ltd, the largest independent met coke producer in India, at its meeting held on 18th October 2012 approved the unaudited financial results of the company for the second quarter (Q2) ended 30th September 2012.
The net profit after tax in the current quarter more than doubled to Rs.16.72 crores as against Rs 8.04 crores in the same period last year. The total income for the quarter ended 30th September 2012 also registered a rise of around 23% which stood at Rs 331.83 crores as against Rs.270.04 crores in the corresponding quarter last year.
Gujarat NRE’s Australian coking coal mining subsidiary has been continuously increasing its coking coal production for last few quarters. Gujarat NRE Coking Coal Ltd (GNCCL) has registered a 60% rise in the total H1 2012 coking coal production, up to 906 thousand tonnes from 568 thousand tonnes in the corresponding half yearly production in H1 2011. GNCCL also registered the highest quarterly production in a quarter in Q2 2012 which stood at 544 thousand tonnes, while sales increased by 34 % in Q2 2012 (486 thousand tonnes) over Q2 2011 (363 thousand tonnes)
Speaking on the occasion Mr Arun Kumar Jagatramka, Chairman and Managing Director, Gujarat NRE Coke Ltd, said “Our fundamentals are strong and strategies are prudent. We just await the overall economic & market conditions to improve, to enable our efforts show its right colour, vigour and the market to reflect the right value.”