Mumbai: The country’s largest zinc producer, Hindustan Zinc Ltd reported a profit drop for the fourth straight quarter because of declining prices.
Net income slumped 53% to Rs551 crore in the fourth quarter ended 31 March from Rs1,180 crore a year earlier, the company said in a statement on Wednesday. Sales fell 44% to Rs1,260 crore. Hindustan Zinc shares ended Wednesday at Rs485.35 each, down 0.58% on the Bombay Stock Exchange.
Zinc prices for three-month delivery on the London Metal Exchange averaged $1,207 (around Rs60,500) a tonne in the period, compared with $2,459 a tonne a year earlier.
Zinc, coated on steel to make it rust-proof, fell 36% in the past year as commodity prices slumped the most in five decades.
Yes Bank profit up 24%; no dividend for FY09
Mumbai: Private sector lender Yes Bank Ltd on Thursday reported a 24.2% increase in net profit to Rs80.1 crore in the fourth quarter of the fiscal ending 31 March, against Rs64.5 crore in the corresponding quarter of FY08. The bank has seen a 51.9% increase in profit to Rs303.8 crore for the fiscal year, compared with Rs200 crore in 2007-08.
“We also gained from non-interest income of Rs898 million and by controlling our expenses,” managing director and chief executive officer Rana Kapoor said in a phone conversation.
The bank’s advances grew 31.5% to Rs12,403 crore against Rs9,430 crore for the fiscal year. Its deposit base grew 21.8% to Rs16,169 crore compared with Rs13,273 crore last fiscal. Net non-performing assets stood at 0.33%, while capital adequacy ratio was 16.63 at the end of 31 March.
— Anita Bhoir and Reuters