State-owned trading firm MMTC today reported a net loss of Rs 20.76 crore for the third quarter ended December 2014.
The company had reported a net loss of Rs 8.71 crore in the corresponding quarter of the previous fiscal, MMTC said in a BSE filing.
The total income from operations of the company during the October-December quarter rose to Rs 5,547.86 crore from Rs 4,784.46 crore in the year-ago period.
MMTC had reported a net loss of Rs 10.08 crore in the July-September quarter of 2014.
Shares of MMTC closed at Rs 55.35, up 1.93 per cent from their previous day's close on the Bombay Stock Exchange (BSE). The results were announced after market hours on Thursday.
"Consequent to Supreme Court judgement, Government of India has cancelled the coal block allotted to the company.
"Accordingly, an amount of Rs 6.57 crore incurred and shown under 'capital work-in-progress' has been charged to Profit & Loss account under 'other expenses' during the quarter ended September 30, 2014," MMTC said in the filing.
Established in 1963, MMTC, one of the two highest foreign exchange earners for India, is a leading international trading company with a turnover of around USD 10 billion.
It is the largest international trading company of India and the first public sector enterprise to be accorded the status of "Five Star Export House" by Government of India for long standing contribution to exports. MMTC is the largest non-oil importer in India.
