MUMBAI: The key contributing factors were record alumina production from both refineries, particularly higher hydrate output; the quick restart of the Hirakud Smelter after the brief shutdown due to the Sambalpur storm, improved performance of downstream operations on the back of enriched product-mix and higher exports. In the face of the continuing global and domestic economic slowdown, despite earlier forecasts of a mid-year recovery, low international prices impacting on margins and high energy costs, the Company's performance for the first half of 2002-03 recorded a Net Sales, Income from Operations of Rs 6,798 million and Profit before Tax at Rs 662 million. Net Profit for the period was Rs 555 million, while Exports rose 15 percent at Rs 1,985 million, the companyy announced in an official release. Alumina production from the two refineries at Belgaum and Muri marked a 5 percent increase at 238,550 tonnes compared to 227,850 tonnes produced in the corresponding first half of 2001-02. Sales volumes improved both on the domestic and export fronts. Lower caustic prices and better plant efficiencies helped bring down costs as also offset the impact of lower export realisations to some extent. Domestic sales volumes grew by 16 percent at 51,446 tonnes, with a significant 37 percent jump in the volume of speciality alumina and hydrate at 24,958 tonnes. Higher export volumes at 125,355 tonnes registered a substantial increase of 37% over the previous first half, with a major thrust on the export of standard alumina where volumes grew by a phenomenal 119 percent, the company said.
Source: IANS