Gujarat Mineral Development reports weak June quarter earnings

By Shruti Salwan
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...

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