GMDC Q3 net up 45% to Rs 101 crore

AHMEDABAD: State-run mineral and mining major Gujarat Mineral Development Corporation (GMDC) today reported a rise of 45 per cent in its net profit for the third quarter ending December 31 at Rs 101 crore.

The company had posted a profit of Rs 71 crore during the corresponding quarter last fiscal.

Backed by strategic mining decision, the company turnover in the third quarter stood at Rs 360 crore, a rise of 33 per cent as compared to the corresponding quarter a year ago.

The company had posted turnover of Rs 270 crore during the corresponding quarter a year ago. The state PSU's total turnover in the first three quarter's of FY 2010-11 stood at Rs 951 crore.

It had clocked a profit of Rs 56 crore in the second quarter ending September against a profit of Rs 38 crore in the first quarter of FY11.

While, announcing the unaudited results, GMDC Managing Director V S Gadhvi said "The third quarter results are encouraging and speak volumes about our performance."

Meanwhile, the company said it has proposed to set up a Pyrite removal plant of 1.5 million tonnes per annum capacity at its Bhavnagar mines to boost production of lignite.