The Hindu Business Line : Visa Steel net up 93% at Rs 19.8 cr

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Kolkata Feb. 2 Visa Steel Ltd has registered a 93 per cent growth in profit after tax (PAT) during the first nine months of the current fiscal compared with the corresponding period of 2005-06.

During the nine-month period ended December 31, 2006, the company recorded a profit after tax of Rs 19.87 crore compared with Rs 10.29 crore recorded during the corresponding period in 2005-06. During April-December 2006, Visa Steel registered a net income of Rs 391.94 crore compared with Rs 275.46 crore during the corresponding period in 2005.

According to a company press release issued here, the healthy performance has been attributed to the manufacturing segment — presently comprising pig iron and coke operations — which registered a revenue growth of 55 per cent to Rs 209.6 crore during the period April-December 2006.

Higher output

The company recorded production of 134,734 tonnes of hot metal during the period under review compared with 110,754 tonnes produced during the corresponding period of the previous year. The entire production of coke was utilised as feedstock in the blast furnace.

The release states that though trading operations contributed close to 50 per cent of gross revenues, the company expects the trading business to contribute to a marginal portion of overall operations with additional facilities going on stream in the months ahead.