Ispat Industries announces Q4 financial results

Ispat Industries announces Q4 financial results

Indian steel producer Ispat Industries has recently announced financial results of fourth quarter ended on March 31, 2004. Accordingly, the company reported 85.61% decrease in its net profit. Net profit of the company is recorded as Rupees 263.8 million ($5.7 million) in the fourth quarter of current fiscal year against net profit of Rupees 1.83 billion ($40 million) recorded in the corresponding period of previous fiscal year. Total income of the company is recorded as Rupees 11.265 billion ($245 million) against Rupees 11 billion ($239 million) recorded in the fourth quarter of previous fiscal year. For the whole fiscal year ended on March 31, 2004, company reported a net profit of Rupees 443 million ($9.6 million), indicating a decrease of 46.49% against Rupees 828 million ($18 million) recorded in the previous fiscal year. Total income of the company increased to Rupees 38.2 billion ($832 million) from net income of Rupees 31.2 billion ($679 million) recorded in the previous fiscal year.