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Gujarat NRE posts Rs.20.04 crore net profit in Q1

Kolkata, July 9 (IANS) Metallurgy coke producer Gujarat NRE Coke posted a net profit of Rs.20.04 crore in the first quarter (April-June) of fiscal 2010-11 against Rs.3.64 crore in the corresponding quarter of the previous fiscal.

‘Met Coke demand has increased considerably over the last year. We have seen strong price rise till June in this quarter. In fact there is a global shortage of met coke and we may see a scarcity in this product as early as in 2011 and beyond,’ company chairman and managing director Arun Kumar Jagatramka said in a statement.

‘Strong demand and continuous spiralling prices backed by operational leverage have contributed towards better margins,’ he said.

‘Taking advantage of these, Gujarat NRE had completed two export assignments this quarter. We had exported to Brazil and Japan. Production is running in full capacity in all our operations and we see a bright future ahead,’ Jagatramka added.

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