Hindustan Copper Q1 net profit falls 61% to Rs 18.57 crore

KOLKATA: Hindustan Copper has reported a 61% drop in profit after tax of Rs 18.57 crore during Q1 FY14 against Rs 48.01 crore in the corresponding period last year.

The lower net came on a 34.75% slide in gross sales to Rs 239.34 crore in Q1 of FY14 due to planned shutdown of Ghatsila Smelter Plan during May-June 2013 for major overhauling.

Against this, the company had posted sales of Rs 350.86 crore in the corresponding period last year.

The board of directors of Hindustan Copper approved the company’s financial results for the first quarter of 2013-14 in its meeting held in New Delhi on Monday.

During the quarter, the company showed improved performance in the mining front. Production of metal from mines increased by 23% as compared to the same period last year.

Presently, the Ghatsila plant has resumed operations and production has normalized. The company has also taken adequate steps to liquidate the accumulated inventory of copper concentrate which is expected to be completed by August 2013.