Financial Daily from THE HINDU group of publications
Wednesday, Feb 02, 2005
Financial Daily from THE HINDU group of publications Wednesday, Feb 02, 2005 |
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Corporate Results
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Steel Welspun Gujarat net dips 36 pc Our Bureau
Mumbai , Feb. 1 A steep jump in steel prices and an increase in payments towards funding the expansion of its Gujarat-based unit have led to a 36-per cent drop in the net profits of steel pipe maker Welspun Gujarat Stahl Rohren. Welspun Gujarat has reported a net profit of Rs 12.4 crore or Rs 0.88 for every equity share for the third quarter ended December 31, 2004, compared to Rs 19.5 crore or Rs 1.49 a share same time last year. Net sales for the third quarter jumped 13.7 per cent to Rs 279.9 crore (Rs 246.1 crore). "Steel prices were three times higher than the third quarter last year. We have also borrowed more to fund the expansion of our Anjar unit. This has increased our expenses," said Mr Akhil Jindal, President, Welspun Gujarat. Total expenses for the quarter were up at Rs 256.2 crore (Rs 210.3 crore), most of which included raw material consumption (predominantly steel) of Rs 221.6 crore (Rs 176.8 crore). Third quarter finance costs went up to Rs 5.6 crore (Rs 4.2 crore) and depreciation costs were Rs 4.7 crore (Rs 3.8 crore). The company issued foreign currency convertible bonds aggregating $40 million and 8 per cent optionally convertible preference shares worth Rs 2.2 crore, during the quarter, according to a news release.
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