MOIL earned Rs. 93.30 crores Profit After Tax during Q-1, 2011-12. Talking to media here today after reviewing the performance of MOIL, a Miniratna Category – I PSU (formerly known as Manganese Ore (India) Limited) under the Ministry of Steel, Shri Beni Prasad Verma, Minister of Steel said, the company earned more profit i.e. to the tune of Rs. 182.47 crores during Q-1, 2010-11. He expressed hope that the less profit will be covered during the Q2 period during this year.
Shri Verma observed that although performance of MOIL has improved in 2010-11 against that of 2009-10. But, the performance during Q-1 of 2011-12 has dipped as compared to Q-1 of 2010-11.During the first quarter of 2011-12 (April – June, 2011), the production of manganese ore was 2.39 lakh tonnes as compared to 2.77 lakh tonnes in the corresponding period of 2010-11. Also, Turnover during Q-1, 2011-12 was Rs. 211.21 crores against Rs. 349.18 crores in Q-1, 2010-11. Further
The Minister informed that due to oversupply in the market mainly from external sources, the company has corrected the price of manganese ore downwards in-line with international prices. He expressed his satisfaction on the expansion and diversification plan of the company by way of various mining projects for deepening and sinking of vertical shafts at its mines, large scale opencast and underground development of mines and efforts for acquisition of new mines in India and abroad.