Fluorspar and bauxite drag GMDC profits down 40% in December 2015 quarter

By Shruti Salwan
Published: Tuesday, 09 February 2016

The Indian government-owned mineral exploration and development company has reported weaker year-on-year results for the final three months of last year as the Gujarat-based miner succumbed to slowing demand and weakening commodity prices.

Gujarat Mineral Development Corporation Ltd. (GMDC) has recorded a 40% drop in net profit for the three months ending 31 December 2015, the third quarter of the Indian fiscal year, with the company’s total income falling by 16% over the same period.

Net profit after tax amounted to Indian rupee...

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