Indian state-run iron ore miner, NMDC Limited has reported net profit of INR 5.33 billion ($72 million) during first quarter ended June 30, 2020, 55 percent lower than corresponding period of the previous year due to impact of pandemic induced national lockdown, the company said in a statement.
According to the company, the fall in net profit was attributed to estimated loss in production during the first quarter of fiscal 2020-21 of 1.823 million mt (or by 22 percent) and sales loss of 2.394 million mt (or 28 percent).
This translated into a revenue loss of INR 7.37 billion ($99 million) and net profit loss of INR 3.17 billion ($43 million), the company reported.
The company said that total iron ore production in India during April-June 2020 quarter was down 45 percent over corresponding period of previous year while NMDC’s loss in total production during the period was 22 percent to 6.6 million mt.
$1= INR 73.80