Mecon posts net profit second quarter of the financial year

Ranchi headquartered public sector undertaking under the Ministry of Steel.MECON is continuing considerable profits for the last five consecutive years. The PsU made a major jump in net profit, net worth and order book in the 2nd quarter of the financial year 2011-12..

The MECON spokesman told Business Standard that in 2006-07, the company’s net profit had been only Rs 20.38 crore and thereafter in the following years, MECON’s profit had been increasing remarkably.

The net profit of the PsU continued to Rs 33.32 crore, Rs 65.88 crore, Rs 82.62 crore and Rs 93.68 crore in 2007-08, 2008-09, 2009-10 and 2010-11 respectively, the spokesman said.

 

He said that the year 2011 had been highly rewarding for Mecon as it had achieved many milestones and accomplished highly challenging tasks in terms of business procurement. The company procured a remarkable amount of Rs 298.07 crore up to 2nd quarter of the year 2011-12. Also the company’s net worth increased to Rs 239.51 crore in September, 2011.

The spokesman said that as per MoU signed with the steel ministry, the net profit target had been fixed at Rs 93.6 crore for the financial year 2011-12. However, hardly over a month was more, Mecon would surpass this target, he added.