Indian manganese miner MOIL reports sharp slump in net profits in Q2 2020-21

Indian manganese miner MOIL reports sharp slump in net profits in Q2 2020-21

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Indian state-run manganese miner, MOIL Limited reported a net profit of INR 70.33 million ($0.95 million) during the second quarter (July-September 2020-21) of the fiscal year, down from INR 880.59 million ($11.91 million) during the corresponding period of the previous fiscal, the company said in a regulatory filing.

The country’s largest producer of manganese ore, accounting for over 50 percent of domestic production said, “Covid-19 pandemic and lockdown protocols led to severe disruptions affecting both turnover and profit during the current reporting period. Therefore, the performance of the company for the period is not comparable to the corresponding previous period or any period of the previous year.”

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