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GMDC net profit up 10.4% to Rs 21.7 cr in Q1
VK Chakravarti
Ahmedabad, Aug 4: The Gujarat Mineral Development Corporation Ltd (GMDC) has posted a 10.4 per cent rise in net profit to Rs 21.74 crore during the first quarter ended June 30, 2000 as compared to Rs 19.69 crore in the corresponding quarter in the previous year. However, the company's sales, mainly from lignite mining, have registered a marginal fall to Rs 55.48 crore from Rs 56.09 crore over the same period. The board of directors which approved the unaudited Q1 results for 2000-01 at its meeting here recently, suggested a 40 per cent dividend, subject to approval at the company's annual general meeting (AGM).The earning per share (EPS, not annualised) during Q1 stood at Rs 6.84 as against Rs 6.19 during the same quarter in the last fiscal. As per audited results for financial year 1999 approved at the board meeting, the company's net profit had fallen sharply by 55 per cent to Rs 37.56 crore from Rs 84 crore in 1998-99. Sales fell by 18 per cent to Rs 188.92 crore from Rs 232 crore over the same period. GMDC managing director Ashok Narayan said turnover fell due to imported coal becoming cheaper. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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