Indian government-run iron ore pellet producer, KIOCL Limited reported a net loss of INR 437.80 million ($5.54 million) in the first quarter (April-June) of the fiscal year 2022-23, compared to a net profit of INR 2.16 billion ($27.36 million) in the corresponding quarter of the previous year, a company regulatory filing said on Thursday, August 4.
The company reported a total income of INR 3.85 billion ($48.82 million) during the first quarter, down from INR 11.57 billion ($147.74 million) in the corresponding quarter of the previous fiscal, according to the filing.
In June this year, KIOCL shut down its 3.4 million mt per year capacity pellet plant in Mangalore in southern India as it had been rendered unviable by the imposition of the 45 percent export tax.