Bhubaneswar, October 23 (Odisha.in) National Aluminium Company Limited (NALCO), the flagship PSU of the Ministry of Mines, and India’s largest manufacturer and exporter of alumina and aluminium, has reported excellent results for the 2nd quarter ended September 2007.
According to the unaudited financial results for the 2nd quarter of the financial year 2007-08 taken on record in the Board of Directors meeting held in Vizag on October 23, the Company has achieved a net profit of Rs.439.73 crore, with a sales turnover of Rs.1432.12 crore. However, during the 2nd quarter of previous fiscal, the figures were up at Rs.595 crore and Rs.1582.65 crore respectively.
The net profit and sales turnover for the half year ended September 2007 work out to Rs.886.39 crore and Rs.2719.24 crore respectively, as against the corresponding figures of Rs.1217.30 crore and Rs.3203.47 crore achieved during the first six months of the previous fiscal.
The lower realization is primarily because of lower global alumina prices and importantly, a rising rupee. Supply of coal, a major raw material, was also adversely affected during the 2nd quarter, which compelled the company to resort to use of imported coal and to purchase of power from external sources. This has resulted in additional expenditure of Rs.39.75 crore during the quarter.