Bhubaneswar: National Aluminium Company Limited (Nalco) has posted a net profit of Rs 138.23 crore in fiscal 2019-20 despite adverse global market codition.
Black declared its financial results for 2019-20 fiscal. According to the audited financial results for the year, taken on record by the Board of Directors in a meeting held today, Nalco has posted a Net Profit of Rs.138.23 crore for FY19-20. During the year, the company has achieved net turnover of Rs. 8426 crore, which has been adversely impacted by about Rs.2900 crore due to fall in global metal prices. The export turnover of the company for the fiscal was Rs. 3511 crore.
However, weathering the sluggishness in the international metal market and falling London Metal Exchange prices, Nalco has continued to remain profitable by successfully handling the market downturn. Riding on overall growth in production, improving productivity & sales, the company has been registering profit every fiscal since inception.
The Central sector aluminium giant, however,has achieved significant growth in production and sales.
Bauxite production of 73.02 lakh tonnes in mines and 21.61 lakh tonnes of Alumina Hydrate in alumina refinery, have been the highest-ever since company’s inception. Both Mines & Refinery of Nalco has been performing beyond its installed capacities. The company also produced 4.18 lakh tonnes of Aluminium metal in FY19-20.
Nalco CMD Sridhar Patra has attributed the success to the teamwork and dedication of the employees.
“We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be able to tide over present economic crisis”, said Patra.