KIOCL SURPASSES FINANCIAL
PARAMETERS IN Q1
Kudremukh Iron Ore Company Ltd. (KIOCL), has surpassed
the financial parameters in the first quarter of this fiscal by
earning Rs21.38 crore net profit against an excellent target of
Rs. 14.29 crore and gross margin of Rs. 48.76 crore against a
target of Rs. 32.75 crore. By July this year, the Company has
earned a gross margin of Rs. 70.38 crore and a net profit after
tax of Rs. 37.96 crore. This information was given by the KIOCL
Chairman-cum-Managing Director, Shri S. Murari in a periodic review
meeting taken by the Minister of Steel, Shri B. K. Tripathy here
today.
The Minister was happy to note that the Company
has achieved best ever turnover of Rs. 86.02 crore, highest quality
of pellets despatch of 4,00,465 DMT during April, 2002 and highest
ever daily production of 13,500 tonnes of pellets on 9th
June. Production of 9,49,000 tonnes of pellets in the first quarter
of 2002-2003 is the highest production in any quarter so far.
However, the Minister pointed out the shortfall
in production of iron ore concentrate and production and export
of pellets during the quarter as compoared to the target. Shri
Murari briefed that the shortages were due to the stoppage of
the plant for repair. The shortfall in export of pellets is due
to postponement of one vessel in July to China, which was to carry
a quantity of 58,000 tonnes.
