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NALCO slides after Q3 net loss

Capital Market 

Shares of National Aluminium Company (NALCO) fell 3% to Rs 42 after the company reported a consolidated net loss of Rs 33.90 crore in Q3 December 2019 (Q3 FY20) compared with net profit of Rs 302.35 crore in Q3 December 2018 (Q3 FY19).

Net sales declined 23.2% to Rs 2088.35 crore in Q3 FY20 over Q3 FY19. During the quarter, chemical segment revenues fell by 22.43% to Rs 1,013.83 while aluminum business revenues contracted 20.92% to Rs 1,336.16 crore year-on-year (YoY).

The company reported a pre-tax loss of Rs 53.16 crore in Q3 FY20 as against pre-tax profit of Rs 470.64 crore in Q3 FY19.

Total expenses stood at Rs 2054.01 crore in the third quarter of FY20, down by 6.9% from Rs 2205.92 crore in the corresponding quarter last year.

The company declared an interim dividend of Rs 1.50 per share. The record date is on 20 February, 2020.

NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India. As on 31 December 2019, Government of India holds 51.50% equity of NALCO.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 10:48 IST