SAIL reports profit for H1
According to the latest news, Indian steel producer
SAIL (Steel Authority of
India Ltd) has reported a net profit of Rupees 7.6 billion ($167 million) for the first half of its current financial year, ending on September 30. The company recorded Rupees 4.67 billion ($103 million) loss in the corresponding period last year. The company posted a net profit of Rupees 2.55 billion ($55.3 million) for the first quarter ended on June 30, 2003, as previously reported by SteelOrbis. Furtermore, turnover of the company has increased by 27% to Rupees 10.4 billion ($229 million), the shipments by 10% to 4.9 million tons and exports by about 100% to 600'000.
The officials of the company state that the profit is achieved through reduction in cost and increase in
production and sales volume.