Gujarat NRE Coke Ltd’s Australian Subsidiary Gujarat NRE Coking Coal Ltd
declares excellent H1 results as Turnover Doubles, Record Growth in Profits
Kolkata, 24th November, 2010. M/s. Gujarat NRE Coke Ltd’s Australian subsidiary, M/s. Gujarat NRE Coking Coal Limited has announced its results for the half year ended 30th September 2010. The company has declared an impressive result with turnover doubling as well as a registering a record profit growth.
The total revenue from operations for the 6 months period ended 30th September 2010 was $154.7 million which is more than two fold increase from the revenue of $67.6 million reported for the half year ended 30th September 2009. The Gross Profit for the half year ended 30th September 2010 was $53.4 million as compared to the gross loss of $7.5 million for the previous half year ended 30th September 2009. The net profit for the half year under consideration was $29.4 million as compared to loss of $6.1 million for the half year ended 30th September 2009
Commenting on this remarkable result, Mr Arun Kumar Jagatramka, Chairman Gujarat NRE said, “We are extremely satisfied with the result and this only speaks of our commitment towards future development of the mine, our capability of excellent project management in achieving the desired result and the hard work put up by all in the company. I would like to congratulate the entire staff of Gujarat NRE for this impressive show and would urge them to carry on this good work.” He further added, “We are making huge investments in development of our mines and increase production to 6 Million Tonnes per annum by 2014-15. The Company has placed an order with Joy Mining for the supply of a brand new longwall system at NRE No 1 Colliery in the year 2011 as well as an upgrade to the longwall system at NRE Wongawilli Colliery in the year 2013.” In order to sustain current and proposed operational activities at NRE Wongawilli, the Company during the quarter has commenced a 33 KV Power Project, which will be owned and operated by Integral Energy and would provide a long term reliable source of power to the mine, informed Mr Jagatramka.
“The price of coking coal has been on the rise and has doubled over last year. With increase in production at a higher price, the margin increases many fold and the company is poised for an excellent growth trajectory. The impressive half yearly results can be attributed to doubling in production at a double the last year’s price”, said Mr Jagatramka. The coal produced is sold to the major offtake partner Gujarat NRE Coke Ltd, the Indian parent company, which is the largest met coke producer in India. However, with increased production, the company has also exported a few shipments to other parties as well in China and elsewhere.
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