Business Daily from THE HINDU group of publications
Wednesday, Jan 30, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 30, 2008 ePaper | Mobile/PDA Version |
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Corporate Results
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Metals Web Extras - Outlook
Our Bureau Mumbai, Jan. 29 Sterlite Industries, a leading copper producer, has posted a 7.47 per cent rise in net profit at Rs 231 crore for the quarter ended December 31, 2007, against Rs 215 crore logged in the same period a year ago. Net sales for the quarter under review were down 17.48 per cent at Rs 2,634 crore (Rs 3,193 crore). Other income was Rs 160 crore (Rs 27 crore). “Out of the ADS proceeds of Rs 8,052 crore, the company has utilised Rs 1,007 crore. Of the total right issue proceeds of Rs 1,972 crore, the company has used Rs 1,372 crore. The unutilised proceeds of ADS and right issue have been temporarily invested in debt mutual funds,” the company said in a BSE announcement. On consolidated basis, it has recorded a 34 per cent decline in net profit for the quarter at Rs 855 crore against Rs 1,293 crore. Total income declined 21 per cent at Rs 5,534 crore from Rs 7,000 crore. On account of sale of power transmission line division with effect from July 1, 2006, figures for current period are not strictly comparable to figures for the previous period, the company said in an announcement. On Tuesday, the company shares on the BSE shed 3.17 per cent at Rs 768.
The company said the third-quarter profit dropped because revenue from smelting copper fell and zinc prices also dropped. Global shortages of mineral concentrates have forced Sterlite to reduce smelting fees, driving down the earnings. Sterlite cut the fee it charges BHP Billiton Ltd to process ore for the current year by 25 per cent in negotiations this month, said an analyst. Zinc prices averaged 37 per cent lower than a year ago at $2,646 per tonne in the quarter ended December. Rupee gain against the dollar made imported zinc cheaper and capped domestic prices. Hindustan Zinc in which Sterlite Industries owns 65 per cent recently reported 41 per cent drop in net profit at Rs 785 crore. Sterlite prices ADS at $13.44 Australian copper for Sterlite unit More Stories on : Metals | Outlook | Sterlite Industries (India) Ltd
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