Ispat Industries announces Q1 results

Ispat Industries announces Q1 results

Indian steel producer Ispat Industries has posted a net profit of Rupees 10.90 crore (approx. $2.3 million) for the first quarter ended June 30, 2003. The company has announced Rupees 57.92 crore loss in the same period last year. Company's total income was Rupees 773.38 crore for the aforementioned period with a 35.5% increase when compared with Rupees 570.60 crore in the previous year. In the first quarter, interest costs decreased to Rupees 71.9 crore from Rupees 91.6 crore while depreciation costs decreased to Rupees 52.1 crore from Rupees 53 crore last year.