Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
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Corporate Results
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Steel Ispat posts Rs 498-cr PAT in third quarter Our Bureau
Kolkata , Jan. 27 ISPAT Industries Ltd has recorded a profit after tax of Rs 497.70 crore during the quarter ended December 31, 2004. In the corresponding period of 2003, the company recorded a profit after tax of Rs 28.28 crore. According to a press release issued by the company, Ispat Industries clocked a total income of Rs 1,643.18 crore in the third quarter of October-Decmber 2004, a 55 per cent increase compared with an income of Rs 1,061.91 crore posted in the corresponding period of 2003. The company's PAT was boosted by exceptional earnings of Rs 405.14 crore from the settlement of the $125 million Euro bonds. During the quarter under review, the company reached an agreement with Euro bondholders to settle principal and outstanding amounts. In the third quarter of fiscal 2004-05, Ispat Industries produced 5.30 lakh tonnes of hot-rolled steel, which was higher by 25 per cent compared with the corresponding period of last year.
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