Ispat Industries profit up 1660%

Ispat Industries profit up 1660%

Indian steel producer Ispat Industries (TISCO) announced a 1660% increase in profit for the third quarter, which ended December 31, 2004. 2004 third quarter profit increased to Rupees 4.97 billion ($114 million) from Rupees 282 million the year before. Total third quarter income of the company came to Rupees 16.4 billion ($376 million), up 55% compared to the Rupees 10.6 billion recorded in the third quarter of 2003. The Rupees 3.5 billion loss of Ispat Mettalics was not reflected in these results since the company's merger with Ispat Industries has not been officially approved yet.