Corus drives up Tata Steel's income five-fold

Thursday, 24 January 2008, 08:00 Hrs
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New Delhi: India's leading private steel manufacturer Tata Steel posted a net profit of 54.83 billion ($1.37 billion) in the first half of the current fiscal, showing a 70 percent rise on the previous year, the company said Thursday.

Tata Steel's total income rose by over 500 percent to 638 billion, thanks to a hefty contribution of 498 billion from Europe-based Corus, the company's recent acquisition.

"During April-December 2007, the company's net profit increased to 54.83 billion from 32.26 billion in the corresponding period past year," the company said.

"Total income for the six months ending Sep 30, 2007 amounted to 638.72 billion against 120.20 billion in the same period previous year," it said.
Source: IANS
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