Goa Carbon Shares Plunge 9.6% After Posting Loss in June Quarter
The company, which is in the business of manufacture and marketing of calcined petroleum coke, posted a loss of Rs 5 crore in the June quarter against a profit of Rs 7.4 crore in the same period last year
Goa Carbon Ltd shares plunged as much as 9.6% in intraday trade on Monday immediately after the company announced its June quarter earnings. Goa Carbon posted a loss of Rs 5 crore in the June quarter against a profit of Rs 7.4 crore in the same period last year.
The company’s operational performance was weak, too, as it saw an EBITDA (earnings before interest, tax, depreciation and amortization) loss of Rs 2.3 crore in the June quarter against an operating profit of Rs 14.6 crore in the corresponding period last fiscal year.
Goa Carbon’s revenue during the June quarter, however, increased by 11.4% to Rs 139 crore year-on-year.
At 3:30 pm, the Goa Carbon share price was quoting at Rs 326, down 3.8%. The stock had hit a low of Rs 306.80 during the day, its lowest level in 52 weeks. The stock also saw a spurt in trading volume by nearly three times than usual on bourses. Notably, the Goa Carbon stock has plunged more than 50% in the last one year.
Goa Carbon is in the business of manufacture and marketing of calcined petroleum coke. The company is a regular supplier to aluminium smelters, graphite electrode and titanium dioxide manufacturers, as well as other users in the metallurgical and chemical industries.
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