Kolkata, 11th August, 2012: Gujarat NRE Coking Coal Limited (GNCCL), the Australian subsidiary of Gujarat NRE Coke Ltd (GNCL), has reported the highest ever quarterly production of coking coal from its Australian mines. GNCCL produced 362,000 tonnes of coal in the quarter ending June 2012. This has been an increase of 2.36 times over the figure of 153,000 tonnes registered during the same period last year.
This impressive show has been as a result of successful commissioning of longwall equipment at NRE No 1 colliery, production from which alone was 216,000 tonnes this quarter. Total longwall production in both the mines (NRE No 1 & NRE Wongawilli) stood at 297,000 tonnes. Longwall mining at NRE No 1 started in end April 2012 post receipt of approval.
Gujarat NRE Coke Ltd, the largest independent met coke manufacturer in India has also registered the highest ever quarterly revenue in the first quarter ending June 2012. The Board of Directors of Gujarat NRE Coke Ltd, at its meeting held today approved the unaudited financial results of the company for the first quarter (Q1) ended 30th June 2012. The total income for the quarter stood at Rs. 526.12 crores, a growth of over 21% compared to Rs. 436.15 crores in the same period last year. Operating profit for the quarter has been Rs 38.85 crores as compared to Rs 99.55 crores last year. Because of the exceptional items on account of net foreign exchange loss, due to diminution in the value of rupee as against dollar during the period, the Company has reported a reduced net loss of Rs 11.02 crores in the current quarter as against a profit of Rs 38.66 crores in the same quarter last year and a loss of Rs 45.51 crores in the preceding quarter.
According to Mr Arun Kumar Jagatramka, CMD, Gujarat NRE Coke Ltd, “The increased production from our Australian mines as well as the impressive revenue growth in Indian operations is quite encouraging at a time when the industry has passed through one of its worst phases. Coke demand has been strong for last few months and the order book continues to be heavily booked. As such, we expect the operating margins to improve in the coming months and look forward to an exciting year ahead.”
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