MMTC Q4 net dips 98% to Rs 2.21 cr

State-run trading giant MMTC today reported a huge 97.52% dip in its net profit to Rs 2.21 crore for the quarter ended March 31, 2013, on account of decline in total revenue.

The company's net profit stood at Rs 89.47 crore for the corresponding quarter a year-ago.

Total revenues of the Minerals and Metals Trading Corp (MMTC) fell by 34.53 in the fourth quarter of the last fiscal to Rs 7,162.51 crore from Rs 10,940.36 crore during the same period a year-ago.

Total expenses of the company was recorded at Rs 7,175 crore during the January-March quarter as compared to Rs 10,895.93 crore during a year-ago period.

For the fiscal 2012-13, the PSU reported a loss of Rs 70.62 crore, due to 57% decline in total revenues during the period as compared to previous fiscal.

The company had reported a profit of Rs 70.72 crore in 2011-12.

The total income of the company declined to Rs 28,598.36 crore in 2012-13 as compared to Rs 66,324.88 crore during the previous fiscal.

Shares of MMTC closed at Rs 227.80 apiece today, down 1.04% from the previous close on the BSE.