SAIL's flat product units report higher profits

SAIL’s flat product units report higher profits

Flat product units of India steel producer Steel Authority of India Ltd (SAIL) increased their profits before tax more than that of long product units' during the first half ended on September 30, 2004. The profits of flat product units of SAIL have increased on the back of increased prices of flat products. Moreover, domestic steel producers have not increased prices of long products since August. Bokaro, increasing its profit before tax by Rupees 8.86 billion ($196 million) achieved the highest profit before tax among other SAIL units. The increase in profit before tax of Bokaro is followed by Bhilai with Rupees 4.8 billion. Sales of Bokaro increased to Rupees 33.6 billion to Rupees 43.1 billion ($955.4 million). Profit before tax of the unit increased from Rupees 4.3 billion to Rupees 13.2 billion ($292.7 million). Bhilai Steel Plant, mainly a longs producer, increased its profit before tax from Rupees 8.7 billion to Rupees 13.3 billion ($294.9 million). Flat products producer Rourkela Steel Plant increased its profit before tax to Rupees 3.2 billion ($71 million). Longs producer Durgapur Steel Plant reported its profit before tax as Rupees 2.6 billion ($57.6 million). SAIL, as a whole reported a net profit of Rupees 26.2 billion ($580.8 million) in the first half, up by 245% against the corresponding period of previous fiscal year.