TISCO increased its profit by 61% in Q3
According to recent news in the market, Indian steel producer Tata Iron and Steel Corp (TISCO) has increased its net profit by 61% to Rupees 4.47 billion ($98.6 million) in the third quarter of current fiscal ending on December 31, 2003 compared to the corresponding period of previous fiscal. In the same period, company's net income increased to Rupees 26.6 billion ($587 million) up by 19% against net income of Rupees 22.24 billion ($490 million) recorded in the same period of last fiscal. Moreover, export endorsement of the company increased from Rupees 3.39 billion ($74.7 million) to Rupees 3.56 billion ($78.5 million) again the same period. Furthermore, when the third quarter results are reflected on the results of the first nine months, it is observed that the net profit increased to Rupees 11.2 billion ($247 million) from Rupees 5.4 billion ($119 million) recorded in the first nine months of previous fiscal. An official from TISCO stated that, they qualify these improved results as a success, as they are achieved despite the decrease in production.