Hindustan Copper Q3 Net Halves to Rs 5.29 Crore

New Delhi: Hindustan Copper on Wednesday reported 50 per cent decline in net profit to Rs 5.29 crore for the quarter ended December 31, 2015, mainly on account of lesser income.

The public sector enterprise under the administrative control of Ministry of Mines had recorded a net profit of Rs 10.59 crore for October-December quarter of the previous fiscal, as per a BSE filing.

The company's total income from operations during the quarter under review fell to Rs 203.76 crore from Rs 241.31 crore in the year-ago quarter.

The expenses declined to Rs 210.93 crore from Rs 244.70 crore in the year-ago period.

India's only vertically integrated copper producer manufactures metal right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

The PSU markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime, copper sulphate and sulphuric acid.

More than 90 per cent of its sales revenue is from cathode and continuous cast copper rods.

Hindustan Copper's mines and plants are spread across four operating units, one each in Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.

Shares of the company were trading 3.45 per cent down, at Rs 47.55 apiece during afternoon trade on BSE.