Hindustan Copper Q3 net down 4.17% at Rs 75.84 cr

Hindustan Copper today reported a 4.17% decline in its net profit at Rs 75.84 crore for the quarter ended December 31, 2012 as it was hit hard by nearly 10% slump in sales.

The Kolkata-based copper producer had reported a net profit of Rs 79.14 crore in the corresponding period of the previous fiscal.

Net sales of the company slumped by nearly 10% to Rs 310.73 crore during the quarter vis-a-vis Rs 344.58 crore of the October-December period of FY'12, it said in a filing to the BSE.

The company's results were also boosted by 2.84% increase in other income, mainly interest on deposits, at Rs 69.54 crore during the quarter. Besides, the total expenses amounted to over 86% of its net sales.

In a separate statement, the company said its copper ore production was 8.92 lakh tonnes during the quarter, up 7.5% than previous quarter.

"The Board has also approved the award of EPC contract for re-opening and expansion of Rakha mine to the Consortium of Kopex Shaft Sinking Company, Poland and India Resource Ltd, Australia, at the cost of Rs 259.91 crore," it added.

The capacity of Rakha mine has been designed to produce ore at the rate of 1.5 million tonnes per annum.

Shares of the company closed today at Rs 130.95 apiece on the BSE, down 4.45% from the previous close.