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Trading giant MMTC today reported a decline of 50 per cent in its net profit at Rs 6.02 crore in the first quarter ended June 30, 2013 due to a hike in total expenses.
The company’s net profit was Rs 12.06 crore during the same period last year, MMTC said in a BSE filing.
Total expenses increased to Rs 8,826 crore in the first three months of the current fiscal from Rs 6,329 crore in the comparable period.
However, the state-owned unit’s total income from operations increased to Rs 8,829 crore for the quarter against Rs 6,323 crore in the same period last year.
Shares of MMTC today closed at Rs 52.30 on the BSE, up 1.36 per cent from previous close.
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