Indian SAIL posted first quarter financial results

Indian SAIL posted first quarter financial results

The Indian mill Steel Authority of India Ltd. (SAIL) posted a net profit of Rupees 2.55 billion ($55.3 million) for the first quarter ended in June 30, 2003 which is the highest profit ever that the company has recorded in a first quarter of a fiscal year. Last year's figure for the same period was a net loss of Rs 3.09 billion (around $67 million). Despite significant declines in steel prices in international markets, financial results reveal that SAIL recorded a turnover of Rs 47.65 billion (around $1 billion) in the first quarter which according to the company can be attributed to successfull strategies implemented. Furthermore, as strong demand from China came back to the market and bookings from Korea, Thailand and EU started to increase, exports grew by 162% up to 330'000 tonnes over same period a year ago and it seems like export target of 1 million tonnes for the current fiscal year to end March 31, 2004 will easily be achieved. By the way, steel production during the first quarter increased by 8.6% and reached to 2.6 million tonnes in line with the economic recovery and industrial growth.