MMTC Q2 net dips 16.7 pc due to fall in rentals | business | Hindustan Times
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MMTC Q2 net dips 16.7 pc due to fall in rentals

Government-owned trading firm MMTC today reported a 16.7% decline in net profit to Rs 40.73 crore for the September quarter mainly due to a steep fall in other incomes, including rentals.

business Updated: Nov 11, 2010 19:51 IST

Government-owned trading firm MMTC on Thursday reported a 16.7% decline in net profit to Rs 40.73 crore for the September quarter mainly due to a steep fall in other incomes, including rentals.

The net profit was Rs 48.9 crore in July-September 2009.

"The decline in net profit was mainly due to a fall in other incomes which came down to Rs 4.26 crore in the quarter ended in September from Rs 16.4 crore in the same period last fiscal," an MMTC official said.

According to the official, other incomes include rentals.

However, total income increased to Rs 16,855.08 crore in the September quarter from Rs 9,456.16 crore in the year ago period, MMTC said in a filing to the Bombay Stock Exchange.

The shares of the company closed marginally down at Rs 1,292 on BSE. The trading firm is a likely candidate for disinvestment and the government may shed its share in the company in the next financial year.