State owned Hindustan Copper's net profit during the April to November period of the current fiscal dipped by over 21.5%to INR 110.35 crore on account of subdued prices globally.
The company,the only domestic player to produce copper ore,had recorded INR 140.66 crore net profit in the April-November period of the last fiscal,2011-12.
The company,which had set a target of achieving INR 224.61 crore net profit in the 2012-13 fiscal,is unlikely to achieve the target,an official said,attributing the slippage to the subdued LME price.
The average LME price for copper in November'12 was USD 7,694 per tonne,compared to the average price of USD 8,070 per tonne in the previous month.The average LME price during 2011-12 was USD 8,485 per tonne.
Copper prices in India are fixed on the basis of the rates that rule on the LME and the rupee-dollar exchange rate.
In November,the company's production of copper metal at 1,777 tonnes,including 427 tonnes through job work,was down 47.39%compared to 3,378 tonnes during the same month in 2011.
Meanwhile,Hindustan Copper's turnover during the first eight months of the current fiscal rose to INR 855 crore as against INR 819 crore during the same period last fiscal.Sales achievement in November was 63%of the target.
