NALCO declares Rs 138.23 crore profit in FY19-20
Bhubaneswar, June 26 (IANS) National Aluminium Company Limited (NALCO) has posted a net profit of Rs 138.23 crore in FY19-20, said a statement on Friday.
According to the audited financial results for the year, taken on record by the Board of Directors in a meeting held on Friday, NALCO has posted a net profit of Rs 138.23 crore for financial year 2019-20.
During the year, the company has achieved net turnover of Rs 8,426 crore, which has been adversely impacted by about Rs 2,900 crore due to fall in global metal prices, the statement said.
The export turnover of the company for the fiscal was Rs 3,511 crore.
However, weathering the sluggishness in the international metal market and falling London Metal Exchange prices, NALCO has continued to remain profitable by successfully handling the market downturn.
Riding on overall growth in production, improving productivity and sales, the company has been registering profit every fiscal since inception.
During the year, the company has achieved significant growth in production and sales.
Bauxite production of 73.02 lakh MT in mines and 21.61 lakh MT of Alumina Hydrate in alumina refinery, have been the highest-ever since company's inception.
Both mines and refinery of NALCO have been performing beyond its installed capacities. The company also produced 4.18 lakh MT of aluminium metal in FY19-20.
NALCO chairman-managing director Sridhar Patra attributed the success to the teamwork and dedication of the employees.
“We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be able to tide over present economic crisis,” said Patra.