MMTC turns around with Rs 18 cr net profit in Q1

Mining and metals firm MMTC today reported a net profit of Rs 18.13 crore in the quarter ended June, on account of over two-fold increase in its income.
The state-run company had incurred a loss of Rs 7.01 crore in the corresponding April-June period of last year.
MMTC's total income rose to Rs 6,344.79 crore during the quarter under review, as against Rs 2,806.72 crore in the year-ago period.
However, its total expenses too shot up to Rs 6,315.60 crore, from Rs 2,812.40 crore in the first quarter of the last financial year, according to a regulatory filing.
A segment-wise analysis revealed that precious metals contributed the most to MMTC's revenue, followed by the company's fertilisers business.

MMTC's scrip closed at Rs 57.20, down 0.95 per cent at the end of the day's trading on the Bombay Stock Exchange from its previous close.