State-owned MOILs Q4 net profit declines 79%
The Dollar Business Bureau The Nagpur-based manganese-ore mining company, MOIL, reported a 79 percent decline in its standalone net profit valuing at Rs.21.38 crore for the quarter ended March 2015-16. However, the overall standalone revenue increased by 30 percent to Rs.209.62 crore in the quarter ended March 31, 2016 compared to Rs.161.74 crore in the same period a year earlier. In a BSE filing on Wednesday, the company revealed that the net profit in Q4 of the fiscal 2014-15 was Rs.102.47 crore. Due to higher provisions for retirement benefits, royalty and district mineral foundation payments, the company’s expenses have increased to Rs.249.73 crore in Q4 of FY16 as compared to Rs.102.58 crore incurred in the same quarter in FY15. In FY16, the manganese-ore producer’s net ...
