TISCO reports 131% increase in its net profit

TISCO reports 131% increase in its net profit

Indian steel producer Tata Iron and Steel Corp (TISCO) has posted financial results regarding the second quarter ending on September 30, 2004. According to the report released by TISCO, the net profit of the company increased by 131% to Rupees 9.3 billion ($205 million) against Rupees 4 billion recorded in the corresponding period of previous fiscal year. Sales in the first half of the current fiscal year increased by Rupees 41 billion ($903 million) from Rupees 29 billion recorded in the first half of the previous fiscal year. The company officials attribute these improved results to the strong demand and the increase in the product mix of the company. Meanwhile, TISCO and L&T have recently signed an agreement to participate in Dhamra Port projects in Orissa, which are expected to cost around Rupees 15-20 billion ($330-441 million).