Coal news and updates

Gujarat NRE Coke Q2 net loss at Rs 90.42 crore

November 11: Gujarat NRE Coke Limited (GNCL), one of the major metallurgical coke producers in India, reported  a Rs 90.42 crore net loss in the quarter ended September 2013 (Q2, 2013-14) compared to Rs 16.72 crore profit earned during the same period last year (Q2,2012-13), said a company release.

In the previous quarter (Q1, 2013-14), however, the company reported a net profit of Rs 3.67 crore.

According to company information, though the cost of raw materials has declined, it is mainly a steep increase in the purchase of stock in trade and decline in sales that caused the net loss.

Income from operations too was down 2.87% to Rs 322.55 crore in Q2, 2013-14 compared to Rs 331.83 crore posted in the corresponding period last year.

For the first six months (April-September) of 2013-14, the company reported a net loss of Rs 86.75 crore compared to a net profit of Rs 5.70 crore recorded during the same period in the previous fiscal (April-September, 2012-13).

Following are the Q2 results of GNCL in 2013-14 and 2012-13 (in Rs crore) (unaudited)