Bhushan Steel posts 80% increase in its profit
According to recent news in the market, Indian producer Bhushan Steel and Strip Limited has posted a net profit of Rupees 220 million ($4.8 million) in the third quarter of current fiscal ending December 31, 2003, with an increase of 80%, when compared with the net profit of Rupees 120 million ($2.6 million) recorded in the same period of previous fiscal. Again in the same period, gross sales of the company amounted to Rupees 4.51 billion ($99.5 million) against Rupees 3.14 billion ($69.2 million) recorded in the corresponding period of previous year. Moreover, exports of Bhushan increased from Rupees 850 million ($18.7 million) to Rupees 880 million (19.4 million). Apart from these improved financial results, the production of the company increased to 153'000 tons up by 25.4% against 122'000 tons recorded in the third quarter of last fiscal. Moreover, in the first nine months of the current fiscal (April-December), it is observed that the production increased by 20%. In the period of first nine months, gross sales of the company reached to Rupees 11.9 billion ($262 million) up by 34% against Rupees 8.9 billion ($196 million) recorded in the same period of previous fiscal.