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Saturday July 19, 03:01 AM
Higher prices help Gujarat NRE Coke double its Q1 PBT
By Economy Bureau
The bull run in coking coal prices has helped Gujarat NRE Coke Ltd, India's largest mettalurgical coke producer with coking coal mines in Australia, post more than double profit in the first quarter of the current fiscal compared with the year-ago period. Price realisation for coke also witnessed over a two-fold increase during the last 11 months.
The company reported a profit before tax of Rs 113.69 crore on net sales of Rs 377.64 crore for the quarter to June 30, 2008, compared with a profit before tax of Rs 50.21 crore on sales of Rs 148.89 crore during the corresponding period last fiscal.
Chairman Arun Kumar Jagatramka said the company could realise Rs 17,100 per tonne of coke as against Rs 8600 duirng the same period of the previous fiscal.
He said Gujarat NRE has generally been a spot market seller, but with prices rising, it has entered into so ...more