NMDC Q3 net down by 59%

NMDC Q3 net down by 59%
Highlights

The board of directors of NMDC Ltd has declared an interim dividend at the rate of (950%) Rs 9.50 per equity share of face value of Rs 1 each for the financial year 2015-16, amount to Rs 3,766 crore.

The company board declares an interim dividend at `9.50 a share

Hyderabad: The board of directors of NMDC Ltd has declared an interim dividend at the rate of (950%) Rs 9.50 per equity share of face value of Rs 1 each for the financial year 2015-16, amount to Rs 3,766 crore. The company said in a release that the interim dividend declared shall be paid/dispatched as per the provisions of the Companies Act, 2013.

It has posted 58.8 per cent decline in standalone net profit at Rs 655.04 crore for the quarter ended December 31, 2015, due to fall in iron ore prices. The net profit is of Rs 1,593.01 crore in the year-ago period.

Even the net sales also declined 48.5 per cent to Rs 1,517.19 crore during the quarter compared to Rs 2,944.39 crore in the year ago period, company release said.

The company had cut the prices of ore by Rs 300 to Rs 1,800 a tonne in December due to subdued demand and weak global cues. Considering the global iron ore supply-demand scenario, analysts had predicted a downward revision in prices by NMDC.

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