Indian state-owned miner National Mineral Development Corporation (NMDC) has announced its financial results for the third quarter and for the first nine months ended on December 31 of the financial year 2015-16.
In the third quarter, NMDC's net profit decreased by 58.8 percent to INR 6.55 billion ($96.06 million) compared to the same quarter of the previous financial year. The company's net sales in the third quarter amounted to INR 15.2 billion ($222.9 million), down 48.5 percent year on year.
Meanwhile, in the April-December period, the company’s net profit declined by 51.2 percent to INR 24.75 billion ($362.9 million), while its net sales decreased by 48.2 percent to INR 49.2 billion ($721.5 million), both compared to the same period of the previous financial year.