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New Delhi April 24 Monnet Ispat and Energy Ltd (MIEL) reported a net profit of Rs 42.79 crore for the fourth quarter ended March 2007, an increase of 96 per cent compared to Rs 21.88 per cent in the same quarter last fiscal, according to a company release.

The company recorded a turnover of Rs 186.45 crore during the quarter as against Rs 138.45 crore in corresponding quarter of the previous fiscal marking an improvement of 35 per cent.

The company has increased its sponge iron manufacturing capacity by five lakh tonnes per annum during the quarter taking the total capacity to eight lakh tonnes per annum making it second largest coal-based sponge iron producer in the country.

The company is also at the advanced stage of setting up a 90-MW power plant at Raigarh, which will then take its total power generation capacity for captive use to 150 MW, the release added.

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