MOIL Q4 net profit declines 79% at Rs 21.38 cr

State-run MOIL today reported a 79 per cent fall in standalone net profit at Rs 21.38 crore for the fourth quarter ended March 31.
The firm had clocked a net profit of Rs 102.47 crore in the year-ago period, it said in a BSE filing.
However, total standalone income rose by 30 per cent to Rs 209.62 crore in January-March quarter as against Rs 161.74 crore during the same quarter of 2014-15.
Its expenses rose to Rs 249.73 crore from Rs 102.58 crore during the quarter under review due to higher provisioning of retirement benefits, royalty and district mineral foundation payments, among others.

For 2015-16, the manganese producer's standalone net profit fell to Rs 173 crore from Rs 428 crore in 2014-15. Its total income was also lower at Rs 628.74 crore against Rs 823.25 crore during the same period.
"The reduction in annual turnover and consequently, profits is mainly due to oversupply of manganese ore from international market, leading to lower offtake and pressure on selling prices coupled with liquidity crunch at buyers' end," it added.
In a separate filing, MOIL said its board has recommended final dividend of Rs 2 per share for the financial year ended March 31, 2016.
Shares of the company ended 5.67 per cent lower at Rs 217 apiece on BSE.