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 Jindal merged co posts Rs 225.11-cr net in Q3 Our Bureau
Mumbai , Feb. 1 THE merged entity of Jindal Iron and Steel Company Ltd (Jisco) and Jindal Vijaynagar Steel Ltd (JVSL) has reported a net profit of Rs 225.11 crore for the third quarter ended December 2004. Gross turnover was Rs 2,300.57 crore with domestic sales at Rs 1,569.88 crore and export sales at Rs 730.69 crore. The previous year's figures refer to the individual companies and, therefore, not comparable. New shares of the merged entity may be listed by the end of March, a company official said. The merged company, to be named Jindal Iron and Steel Company, undertook debt reduction to the extent of Rs 251 crore during the December quarter and Rs 622 crore for the nine-month period. It has raised Rs 500-crore term loan from State Bank of India at 7.25 per cent to refinance some of its expensive debt. Company officials said margins are expected to be under pressure until 2006 because of the raw material price scenario. However, steel prices are expected to remain stable too as firm demand is seen especially from China and the US. Steel consumption is fuelled by demand from capital goods, automobile and auto ancillary sectors.
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