SAIL reports Q1 financial results
Indian steel producer Steel Authority of
India Ltd (
SAIL) has recently posted financial results regarding first quarter ended on June 30, 2004.
According to the report released by the company, net profit increased by 336% to Rupees 11.12 billion (approx. $240 million) in April-June period against the same period of previous fiscal year. In the first quarter of previous fiscal year, the company reported a net profit of Rupees 2.55 billion ($55 million).
SAIL officials stated that despite lower hot metal
production due to coal shortage, turnover of the company has increased by 18% to Rupees 56.33 billion ($1.2 billion) against the turnover recorded in the first quarter of previous fiscal year. The increase in the turnover is attributed to the increase in the
production of value added products and higher sales recorded in the first quarter of current fiscal year. Meanwhile, turnover of Rupees 56.33 billion indicates the highest turnover,
SAIL has reported so far.
Again in the subject quarter, company reduced its debts by Rupees 9.6 billion ($207 million), thus the company's debt decreased to Rupees 77.28 billion ($1.66 billion).