KIOCL posts higher net in Q1

Kudremukh Iron Ore Company Ltd (KIOCL), a 100 per cent export-oriented unit under the ministry of steel, today reported a massive rise in its net profit due to higher sales of pellets and pig iron.

Its net profit rose by close to eight times to Rs 53.06 crore for the first quarter-ended June 30, 2008, compared to the corresponding period last year. Its net sales went up by 116 per cent to Rs 455.63 crore during the quarter compared to the same period last year.

KIOCL produced 635,000 tonnes of pellets upto July, 2008, a growth of 48.7 per cent over the corresponding period and 59,000 tonnes of pig iron during the same period, which is just about 3.5 per cent over the same period last year.

 

The total sales of pellets is valued at Rs 559.07 crore, a rise of close to four times compared to the same period last year.