New Delhi, July 29: Steel Authority of India Ltd (SAIL) on Tuesday reported a net profit of Rs 255 crore during first quarter ended June, 2003 as against a net loss of Rs 309 crore in the same period of last year. "This is a significant improvement of Rs 564 crore and that too despite a drop in international steel prices during April-June 2003," a SAIL statement said. The turnover of SAIL increased by 14 per cent to Rs 4,765 crore in the first quarter of current fiscal.
Commenting on the quarterly performance of the corporation, SAIL chairman V S Jain said "SAIL is all set on a path of turnaround. The organisation is geared up to encash the emerging market opportunities. This only spells the beginning of a new era of prosperity for the company to progress further in the months to come."
The profit of Rs 255 crore is also the highest-ever to be achieved by the company in any first quarter, which is generally a lean period due to major capital repairs being scheduled after the completion of a fiscal, and other seasonal factors.
SAIL's plan to export around one million tonne of steel during the current financial year also got off to a good start with exports of around 3.3 lakh tonnes during April-June 2003. Bureau Report