Steel Authority of India net slips 27%

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jul 2009

State-run steel major Steel Authority of  India Ltd (SAIL) on Thursday reported 27.7 per cent fall in its net profit to Rs.1,326 crore  ($274 million) for the quarter ended June 30, as compared to Rs.1,835.1 crore in the like period last year.  The total income too decreased 13.6 per cent to Rs.9,692.7 crore from Rs.11,228.2 crore, SAIL said in a regulatory statement.  "Our thrust in this quarter and in the coming quarters would be on operational efficiency," SAIL chairman S.K. Roongta said.  He said the company has no plan to expand its capacity in the current year. "So, we would be concentrating on improving our efficiency."
Roongta said the current realisations were reasonable and the company hoped to start mining in a small scale.  "We will also form a joint venture with Shipping Corp of India for vessels to carry coal supplies," he added.  Earlier in the month, the public sector company had said it would raise Rs.6,500 crore from various banks to fund its operations.

Source: The Economic Times