State-owned MOIL reports Rs 1.88 crore net profit for June quarter

State-owned MOIL on Thursday posted a net profit of Rs 1.88 crore for the quarter ended June.

The company had posted a Rs 90.69-crore net profit during the year-ago period, MOIL said in a BSE filing.

The company said its performance for the said quarter is not comparable with the corresponding period of the previous year due to COVID-19 crisis.

During April-June 2020, the company's total income was at Rs 178.05 crore. Its total income in the year-ago quarter was Rs 328.83 crore.

The company's expenses during the quarter under review stood at Rs 125.93 crore, while the same during April-June 2019 was at Rs 188.73 crore.

"The pandemic and lockdown protocols have led to severe disruptions, affecting both the turnover and the profit during the current reporting period.

"Therefore, the performance of the company for this quarter is not comparable with the corresponding period or any period of previous year," the company said regarding the impact of COVID-19.

The cost of production has gone up due to low volume of production during the first quarter of FY2021, it added.

Under the Ministry of Steel, MOIL produces and sells different grades of manganese ore.

Shares of the company settled 3.75 per cent down at Rs 152.85 apiece on the BSE.