New Delhi: State-run manganese ore producer MOIL on Friday reported a 31.3 per cent drop in net profit at Rs 102.46 crore for the quarter ended March, 2015, due to a fall in sales.
Manganese Ore India Ltd (MOIL) had reported a net profit of Rs 149.35 crore for the corresponding period a year ago.
The sales of the company during the January-March quarter, 2015, were at Rs 161.36 crore, down 44.7 per cent compared to Rs 292.01 crore in the year-ago period.
Total expenses of the company during the quarter declined to Rs 102.58 crore, over Rs 138.07 crore in the year-ago period.
For the year-ended March 31, 2015 the company's net profit dropped to Rs 428.01 crore as against Rs 509.56 crore in the year ended March 31, 2014.
"The reduction in turnover and, consequently, profits is mainly due to oversupply of manganese ore from international market, leading to lower offtake and pressure on selling prices," the company said in the statement.
The company further said the final dividend at the rate of Rs 3.50 per equity share of Rs 10 each has been recommended subject to approval of shareholders in the annual general meeting.
Shares in MOIL, on Friday, ended 1.69 per cent lower at Rs 243.95 apiece on the BSE.