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Thursday, November 02, 2000

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SAIL prunes losses by 62 pc in H1

Our Bureau

NEW DELHI, Nov. 1

STEEL Authority of India Ltd. (SAIL) has incurred a loss of Rs 520 crore during the first half of the current fiscal (April-September, 2000), a decline of 62 per cent over the Rs 1,377-crore loss recorded in the corresponding period last year.

According to an official statement from the company, the loss of Rs 520 crore includes a non-cash provision of Rs 305 crore towards accrued leave liability. Excluding this provision, the loss tantamounts to Rs 215 crore.

The statement noted that a healthy growth in sales turnover, combined with reduction in operating expenditure and lower capital-related charges were primarily responsible for the company cutting the losses by nearly two-thirds.

``Despite market conditions remaining sluggish, the company recorded a sales turnover of Rs 7,523 crore, a growth of 5.3 per cent over its performance in April-September, 1999. This was spurred by an increase of 4.8 per cent in domestic sales and a 11-pe r cent increase in average price realisations by SAIL, inspite of the market witnessing falling prices at home and abroad. Higher sales of value-added products and relocation of materials to better-priced markets contributed to the improved sales realisa tion,'' the statement said.

SAIL's interest and depreciation burden also reduced by 16 per cent to Rs 1,456 crore from Rs 1,734 crore borne by the company in H1 of the last fiscal. This was primarily due to the reduction in borrowings, better cash management and financial restructu ring recently undertaken by the company. The overall debt burden of the company declined by over Rs 200 crore during the period.

Related links:
SAIL cuts loss by 63% in Q1
SAIL incurs more loss, turnover up 8.4 pc

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