SAIL quadrupled Q4 net income

SAIL quadrupled Q4 net income

Indian steel producer Steel Authority of India Ltd (SAIL) has recently reported its financial results of fourth quarter, ending on March 31, 2004. According to the report, net income of the company in the fourth quarter of 2004 increased to Rupees 10.14 billion ($223 million) against Rupees 2.4 billion ($52 million) recorded in the fourth quarter of 2003. Net income is higher than forecasts of certain analysts. Company officials attribute the increase in net income to strong demand from Chinese construction firms and domestic automotive industry. Moreover, sales of the company increased by 21% to Rupees 67.81 billion (approx. $1.5 billion).