Gujarat Mineral Development reports weak June quarter earnings
Published: Thursday, 13 August 2015
The state mining company recorded a disappointing start of the fiscal year 2015-2016, with profits down in the quarter ending 30 June, GMDC’s position as a leading mineral supplier in the Indian chemical and refractory industry has dwindled, as the falling value of Chinese renminbi poses a further threat to its earnings.
Indian mineral exploration and development
company, Gujarat Mineral Development Corp. (GMDC), has
registered a 44% drop in net profits for the three months
ending June 2015.
Net profit after tax amounted to Indian rupee (INR) 735.4m
($11.26m*), down 43.7% compared with INR...