Hutti Gold Mines posts robust growth

BANGALORE: The Hutti Gold Mines Company Limited (HGML), a government of Karnataka undertaking, has registered a growth of around 45 per cent in gold production by producing 689.837 kg of yellow metal in the first quarter of 2011-12 as     against 474.282 kg produced during the corresponding previous period.V Chandrashekhar, company managing director, said that HGML, which was conferred the CM’s Ratna  status for its profits and ensuring safety and better living conditions of the workforce, has registered a revenue of over `11,870 lakh in the first quarter of 2011-12 as against `9,819 lakh in the corresponding previous period.He added that HGML is the only producer of primary gold in the country to earn a profit of `5,960 lakh in the first quarter of 2011-12 as against `5,029 lakh in 2010-11, an increase of over               19 per cent. The company’s financial status is strong as its gold stock is expected to reach 900 kg and reserves in fixed deposits touched `350 crore.