State-run trading giant MMTC today posted a nearly six-fold jump in net profit at Rs 89.47 crore for three months ended March 2012, primarily benefiting from increased imports of fertilisers and coal.
The company had registered a net profit of Rs 15.4 crore during the same period of last year.
The public sector entity's total income in the March quarter declined steeply to over Rs 10,940 crore compared to Rs 21,200 crore in the year-ago period.
MMTC also saw its net profit tumble 79 per cent to Rs 23.48 crore for the full year ended March 2012. The same stood at Rs 112 crore in the previous fiscal.
"The company has done well throughout the last fiscal particularly in areas of imports of fertilisers and coal. But in the third quarter (last fiscal), the bottomline slipped due to an adhoc provision," a company official said.
An adhoc provision of Rs 113.46 crore was related to "pending completion of internal investigation/special audit regarding certain acts of commission and omission pertaining to recoverables from debtors towards earlier years", the company said in a statement.
MMTC's total income for the full-year ended March, 2012, stood at over Rs 66,000 crore as against more than Rs 68,000 crore recorded in the same period a year ago.
Shares of MMTC climbed 1.66% to close at Rs 759.80 on the BSE.