Financial Daily from THE HINDU group of publications
Saturday, Jul 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 23, 2005 |
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Corporate Results
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Steel JSW Steel posts Rs 200.36 cr net profit Our Bureau
MUMBAI: JSW Steel Ltd reported a rise in net profit for the quarter ended June 30, 2005, to Rs 200.36 crore from Rs 108.07 crore in the previous corresponding period. The company's net sales/income from operations was higher at Rs 1,538.81 crore (Rs 1,283.05 crore for the year ago period). Interest outgo was lower at Rs 90.35 crore (Rs 125.73 crore) while depreciation amounted to Rs 91.91 crore (Rs 89.35 crore). There was debt reduction by Rs 285 crore during the quarter with a resultant improvement in debt gearing to 1.14. According to an official statement, the company's production of crude steel was up 39 per cent to 0.532 million tonnes; that of pellets higher by 21 per cent at 0.908 million tonnes and that of HR coils by 45 per cent at 0.513 million tonnes. Sales growth for pellets was by 81 per cent to 0.112 million tonnes and that of HR coils by 37 per cent to 0.278 million tonnes. In the case of GP/GC, production was lower by 1 per cent at 0.160 million tonnes while sales was lower by 14 per cent at 0.129 million tonnes. "The sales volumes are lower due to the Mumbai Port strike for around six days during the end of June 2005 leading to stock accretions in value-added products," the statement said.
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