Financial Daily from THE HINDU group of publications
Wednesday, Aug 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 18, 2004 |
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Corporate Results
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Steel Essar Steel Q1 net up Our Bureau
MUMBAI: Essar Steel has ended the first quarter of 2004-05 with a significant increase in net profit at Rs 50.44 crore compared to Rs 10.25 crore in the year-ago period. This is primarily because of a substantial jump in revenues. Besides, steel prices and demand remained firm. Total income for the quarter was Rs 1,327.74 crore (Rs 722.14 crore). Steel production increased by 26 per cent to 5.50 lakh tonnes (4.46 lakh tonnes). Domestic sales grew by 38.5 per cent to 3.52 lakh tonnes (2.54 lakh tonnes). Exports registered a 16 per cent growth to touch 1.73 lakh tonnes. Interest charges stood at Rs 137.79 crore (Rs 62.82 crore). The company said that both domestic and international demand for steel continues to remain firm. However, raw material and freight rates have also remained firm during the quarter under review.
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