MMTC Q4 net profit narrows to Rs 23.1 cr

State-run trading firm MMTC today reported a 39.17 per cent drop in net profit at Rs 23.1 crore for the March quarter on sharp decline in total income.
The company had reported a net profit of Rs 37.98 crore in the year-ago period.
MMTC's total income from operations plus other income decreased significantly to Rs 1,994.5 crore during the January-March quarter from Rs 5,070.48 crore in the corresponding period of the preceding fiscal.
However, during the quarter under review, total expenses of the company also fell to Rs 1,998.34 crore, much lower than Rs 5,084.62 crore in the year-ago period.

The company did not provide the consolidated results on a quarterly bases for the March quarter.
However, the group has posted a net loss after taxes, minority interest and share of loss of associates of Rs 104.51 crore for the year ended March 31, 2016 as compared to net loss of Rs 42.48 crore for the year ended March 31, 2015.

Its total income from operations plus other income decreased from Rs 24,076.55 crore for the year ended March 31, 2015 to Rs 18,960.24 crore for the year ended March 31, 2016.
The Board of Directors of the company recommended a dividend of Rs 0.30 per Equity Share of Rs 1 each for the financial year ended March 31, 2016.

Shares of MMTC closed 1.24 per cent up at Rs 36.70 apiece BSE.