State-run manganese ore producer MOIL today reported 31.3 per cent drop in net profit at Rs 102.46 crore for the quarter ended March 31, 2015 due to fall in sales.
Manganese Ore India Ltd (MOIL) had reported a net profit of Rs 149.35 crore in the corresponding quarter of 2013-14.
The sales of the company during the January-March quarter, 2015, were at Rs 161.36 crore, down by 44.7 per cent compared to Rs 292.01 crore in the same period last year.
Total expenses of the company during the quarter declined to Rs 102.58 crore, over Rs 138.07 crore in the year-ago period.
For the year-ended March 31, 2015 the company's net profit dropped to Rs 428.01 crore, over Rs 509.56 crore in the the year-ended March 31, 2014.
"The reduction in turnover and, consequently, profits is mainly due to oversupply of manganese ore from international market, leading to lower offtake and pressure on selling prices," the company said in the statement.
The company further said the final dividend at the rate of Rs 3.50 per equity share of Rs 10 each has been recommended subject to approval of shareholders in the annual general meeting.
Shares of the company closed at Rs 243.95 apiece on BSE, down 1.69 per cent from previous close.
