India’s Gujarat NRE sees improved net profit for FY 2012-13

India-based Gujarat NRE Coke Ltd (GNCL) has announced its financial results for the fourth quarter and the full financial year ended March 31, registering a net profit of INR 51.5 million ($922,086) in the fourth quarter, compared to a net loss of INR 455.1 million in the same quarter of the previous year. The sales revenue for the given quarter amounted to INR 3.28 billion ($58.7 million).
 
For the full financial year, the company's net profit increased by 10 times to INR 309.7 million ($5.55 million), compared to a net profit of INR 30.9 million in the previous financial year, while its sales revenue amounted to INR 17.13 billion ($306.7 million), up 25 percent year on year.
 
GNCL stated that the financial year 2012-13 was a challenging year for the Indian steel industry due to low demand, iron ore availability issues and other structural problems relating to the economy. The company expects the economy to perform better in the current financial year and expects steel consumption and industrial activity to pick up. The company pointed out that its mine development in Australia is also progressing as per plan and with increased premium coking coal production.