SAIL posts nine percent increase in net profit for December quarter

Monday, 16 February 2015 17:18:04 (GMT+3)   |   Istanbul
       

Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the third quarter ended December 31 of the financial year 2014-15.
 
Accordingly, SAIL's net profit increased by nine percent to INR 5.8 billion ($93.2 million) compared to the same quarter of the previous financial year,  supported by enhanced production and reduction in input cost, particularly imported coking coal. The company's gross sales revenue amounted to INR 122.9 billion ($1.97 billion), down 3.34 percent year on year, adversely impacted due to the prevailing challenging market conditions, high imports, and consumption of steel remaining almost flat in the country.
 
In the given quarter, SAIL commenced operations at its 2.5 million mt integrated steel mill at Burnpur and commissioned the new blast furnace at Iisco Steel Plant, the largest operating blast furnace in India.

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