Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Corporate Results
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Steel SAIL Q3 net dips; to pay 12.5 pc interim Our Bureau
Kolkata , Jan 27 SAIL has posted a profit after tax (PAT) of Rs 685 crore on a turnover of Rs 7,176 crore for the third quarter of the current fiscal, compared to Rs 1,514 crore recorded during the corresponding previous period. This is the 12th consecutive quarter for which SAIL has recorded profits, said a company release. SAIL has also announced an interim dividend of 12.5 per cent for 2005-06. This would amount to Rs 516 crore. During the April-December 2005 period, SAIL recorded a turnover of Rs 21,330 crore. The company reduced its borrowings by Rs 1,240 crore to Rs 4,530 crore as on December 31, 2005. It also reduced interest charges by Rs 98 crore during the first nine months of the current fiscal. SAIL's debt-equity ratio improved to 0.36:1 as on December 31, 2005 from 0.58:1 as on March 31, 2005. During the quarter under review, SAIL plants produced 3.6 million tonnes of hot metal, 3.4 million tonnes of crude steel, and 3.03 million tonnes of saleable steel, thereby marking growth of eight per cent, six per cent and three per cent, respectively, over the corresponding previous period. During the first nine months, saleable steel production at 8.59 million tonnes was eight per cent higher than the corresponding previous period. The lower profitability has been attributed to lower levels of steel prices and high input costs, especially coking coal. The rise in the prices of coking coal impacted the company substantially.
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