MOIL Q 1 TURNOVER RS.31 CRORE

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Manganese Ore India Ltd. (MOIL), a public sector undertaking of the Ministry of Steel has put out an excellent turnover of Rs.31 crore during the first quarter of this fiscal against a target of 30.5 crore. It has earned a net profit of Rs.2.28 crore and a gross margin of more than Rs.5 crore during the period which are more than the excellent target. This information was given by the MOIL CMD Shri D.K.Sahni in a review meeting taken by the Minister for Steel Shri B.K.Tripathy here today.

The Minister pointed out that though the Company achieved highest production of manganese ore and high value ferro grade ore during 2001-02, there is a marginal shortfall in production of manganese ore during the Ist quarter of this fiscal. He asked the Company to make up the shortfall in the coming months and achieve the best performance on all fronts during 2002-03.

The CMD briefed that the shortfall is due to deliberate reduction in the production of low grade and slow moving ores. Sever Summer and heavy rainfall in the beginning of June 2002 in the mining area also has affected the production.