State-run Hindustan Copper today reported a six% decline in its net profit at Rs 43.70 crore for the quarter ended September 2012 compared to the corresponding period in the previous fiscal.
The copper major had posted a profit of Rs 46.46 crore in the July-September quarter of the last fiscal.
Total income of the PSU during the quarter increased to Rs 283.40 crore from Rs 269.98 crore in the year-ago period.
During the first six months of the current fiscal, the net profit of the copper producer fell by 14.18% to Rs 91.71 crore from Rs 106.87 crore in the corresponding period of 2011-12.
Total income during the April-September period rose to Rs 597.16 crore from Rs 539.69 crore in the period last fiscal.
The company's stock closed the day at Rs 261.25 a scrip, down by 2.70% against the previous close.
The government is likely to sell stake in Hindustan Copper through auction route on November 21.
On September 14, the government had approved disinvestment of 9.59% equity of the company through an offer for sale of shares through stock exchanges.
Post disinvestment, the government's shareholding would come down to 90% in the company, whose paid up capital was Rs 462.61 crore as on March, 2012.
