Indian miner NMDC sees improved net profit for FY 2011-12

Indian state-owned miner National Mineral Development Corporation (NMDC) has announced its financial results for the financial year and fourth quarter ended March 31.
 
In FY 2011-12, NMDC's net profit increased by 12 percent to INR 72.65 billion ($1.3 billion) compared to the previous financial year. Sales revenues amounted to INR 112.6 billion ($2.02 billion), declining by 0.9 percent year on year.
 
In the last quarter, NMDC registered a net profit of INR 16.42 billion ($296.06 million), with a year-on-year decrease of 21.7 percent, while sales revenues in the same quarter fell to INR 25.94 billion ($467.72 million), decreasing by 31.7 percent compared to the corresponding quarter of the previous financial year.
 
For the full financial year, NMDC produced 27.26 million mt of iron ore, up eight percent year on year, while the company's iron ore sales reached 27.3 million mt, rising by four percent compared to the previous year. NMDC stated that domestic iron ore sales increased by 13 percent, while exports fell by 85 percent as the company catered to the needs of the domestic market.