Aug. 2: NMDC Ltd, Asia’s third largest iron ore miner, said that its net profit has almost doubled in the first quarter of fiscal 2010 on the back of a rise in ore prices. The miner has reported a profit after tax at Rs 1504.04 in Q1FY11 compared to Rs 773.7 crore in Q1FY10. The turnover grew 97 per cent in the period under review at Rs 2517.99 crore as against Rs 1278.05 crore for the same period year ago.
Iron ore prices more than doubled in the first quarter after a surge in steel demand. Mr Rana Som, the chairman and managing director of the Hyderabad-based NMDC, said that the company could achieve excellent results due to a significant increase in sales. “The company has reduced its exports to 36 per cent to cater to the domestic sales, which rose by 29 per cent.”