Coal news and updates

Gujarat NRE Coke posts Rs 277.48-cr Q3 net loss

February 10: Gujarat NRE Coke Limited, the flagship company of the Gujarat NRE Group, reported a net loss of Rs 277 crore during the third quarter (October–December) of 2013-14, as against a net profit of Rs 20.12 crore reported in the same quarter of 2012-13, mainly due to a huge drop in revenues from the coal and coke segments.

During the period under review, the company’s net income from operations dropped 63.22% to Rs 193.86 crore in the current financial year (2013-14) compared to Rs 527.11 crore scored in the same period a year ago.

Of the total revenues, that from coal and coke dropped 65.27% to Rs 172.33 crore in the third quarter of 2013-14 as against Rs 496.25 crore recorded in the same quarter of 2012-13 while revenues from the steel segment dropped almost 30% to Rs 21.55 crore during the period under review in 2013-14 compared to Rs 30.89 crore posted in the same quarter of 2012-13.

During the first nine months of the current financial year, the company registered a net loss of Rs 364.23 crore compared to a net profit of Rs 25.82 crore, the company said in a filing to the Bombay Stock Exchange.

The following table gives quarterly performance of Gujarat NRE Coke Limited in 2013 and 2012 (in Rs crore):