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GCL Records 31.52% Growth In Profits For First Quarter

Goa Carbon Limited (GCL) recorded growth of 31.52 per cent in its profits for the first quarter of the current fiscal. Company’s net profits were pegged at Rs 214.07 lakh for the first quarter as compared to Rs 162.76 lakh for the corresponding quarter in the last year.

The Board of Directors of GCL in their meeting on Monday approved the unaudited results for the first quarter ended 30th June 2011.

Company spokesperson informed that the company recorded sales turnover of Rs 6733.81 lakh for the first quarter ended 30th June 2011 compared to Rs 3850.66 lakh recorded in the corresponding quarter last year.

A Dempo group company, GCL is the second largest manufacturer of Calcined Petroleum Coke (CPC) in the country.

Speaking about the performance, GCL Chairman Shrinivas Dempo said: “The Company has posted a net profit of over 31 percent which was possible due to a considerable increase of over 74 percent in gross sales as compared to corresponding year.”During the quarter, three plants of the company – Goa, Bilaspur, Paradeep – were shut down between 15 to 76 days, due to absence of viable export and domestic orders.

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