Nalco Q2 net down 38% to Rs 139 crore

National Aluminium Company Ltd (Nalco) has registered a fall of 38% in net profit to Rs 139.34 crore for the second quarter ended September, 30.

The company had posted a net profit of Rs 224.04 crore in the same quarter of previous fiscal.

The sales turnover, however, surged by about 9% to Rs 1,689.38 crore against Rs 1,548.75 crore in the comparative quarter of last year on higher sale prices of alumina and aluminium, Nalco sources said today.

The lower-than-expected results are mainly due to lesser and poor quality of coal supplied to Nalco during the quarter, which forced the company to purchase more expensive imported coal from State Grid, they said.

The additional impact of power and fuel on operating cost during the quarter was Rs 149 crore, they said.

However, the net profit and sales turnover for the first half of 2011-12 have increased to Rs 516.18 crore and Rs 3,540.38 crore respectively, from Rs 508.09 crore and Rs 2,936.91 crore achieved during the first six months of the previous fiscal.