Neyveli Lignite’s Q3 net declines 74%

Shares of the company closed at Rs 116.50,down 3.44 per cent from the previous close on the BSE.

Stare-run miner and power utility Neyveli Lignite Corporation today said its net profit dropped 74.11 per cent to Rs 96.07 crore for the third quarter ended December 31,2010,over the corresponding period a year ago.

The company had a net profit of Rs 371.11 crore for the same quarter last fiscal,Neyveli Lignite Corporation said in a filing with the Bombay Stock Exchange.

Total income decreased to Rs 1,000.13 crore for the quarter under review from Rs 1,388.18 crore for the same period previous fiscal.

For the nine-month period ended December 31,2010,net profit declined to Rs 711.88 crore from Rs 902.34 crore in the same period previous year.

Total income rose to Rs 3077.84 crore in the nine-month period under review from Rs 3017.58 crore during the same period last fiscal.

The state-run company operated in lignite mining and power generation segments.

Neyveli Thermal Power Stations are South Asia’s first and only lignite fired thermal power stations and also the first pit-head power stations in the country.

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Shares of the company closed at Rs 116.50,down 3.44 per cent from the previous close on the BSE.