Gujarat Mineral Development Q3 net declines 26.6 per cent to Rs 82 crore

Gujarat Mineral Development Corporation (GMDC) on Wednesday reported a 26.6 per cent drop in standalone net profit at Rs 82.29 crore for the third quarter that ended in December 2013, on the back of lower income from operations.

The company's net profit in the corresponding quarter of last fiscal year (FY13) stood at Rs 112.2 crore, it said in a filing to the BSE.

Total income from operations of the company during the quarter under review decreased to Rs 290.98 crore from Rs 353.37 crore in the corresponding quarter last financial year, it said.

Total expenses of the company dropped to Rs 198.89 crore, as compared to Rs 206.95 crore in the same period previous year, it added.

Shares in GMDC, on Wednesday, ended at Rs 103.90 apiece on the BSE, down 0.24 per cent from the previous close.