NMDC Reports Fourth Quarter Drop

Bloomberg reported NMDC Ltd. (NSE:NMDC) reported a 22 percent drop in fourth-quarter profit after increased production from its mines failed to counter sliding prices.

As quoted in the market news:

Net income fell to 16.4 billion rupees ($297 million), or 4.14 rupees a share, in the three months ended March 31 from 21 billion rupees, or 5.29 rupees, a year earlier, the company based in the southern city of Hyderabad said today in a statement. The average profit estimate of 12 analysts surveyed by Bloomberg was 16.9 billion rupees. Sales declined 31 percent to 25.9 billion rupees.

Click here to read the full Bloomberg report.