Monnet Ispat net loss narrows to Rs 358.60 cr in Apr-Jun qtr

Monnet Ispat and Energy today said its standalone net loss narrowed in the quarter ended June 30 to Rs 358.60 crore from Rs 380.57 crore in the year-ago period.
The firm issued a rectified copy of their results for the April-June quarter this fiscal. The earlier results filing had showed a net profit in the June quarter of 2015-16 fiscal.
Monnet said in a BSE filing that its total standalone income also declined to Rs 420.62 crore in the first quarter of the current fiscal, as against Rs 691.05 crore in the year-ago period.
Total expenses of the company were lower at Rs 535.86 crore from Rs 854.48 crore during the period under review.

In March, the company's shareholders approved the proposal to sell Monnet's stake in a power subsidiary firm -- Monnet Power Company Ltd (MPCL).
MPCL, in which Monnet has 87.5 per cent stake, is setting up a 1,050 MW capacity thermal power plant in Angul (Odisha).
Its capacity is further being raised to 1,710 MW by adding additional 660 MW (super critical turbine) at the same site, as per the information on MIEL's website.
Shares of the company closed 0.89 per cent up at Rs 22.75 apiece on BSE.