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SAIL cuts losses by over Rs 200 cr in H1, sales up
By siliconindia
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Tuesday, 29 October 2002, 20:30 IST
NEW DELHI: Steel Authority of India (SAIL) said on Tuesday that it has cut its losses to Rs 456 crore after tax during the first six months of the current fiscal as against Rs 704 crore during the same period of 2001.
The undertaking also posted a cash profit of Rs 90 crore on a turnover of Rs 8,189 crore during April-September 2002, which was 17 per cent higher than the turnover registered during the first half of the previous financial year.
VS Jain, SAIL chairman, said in a statement that Actions taken internally, supported by the upturn in the steel market, have helped earn a cash profi. "We are set to better our performance in the second half of the current fiscal, on the strength of an even more challenging growth and productivity improvement programme," he was quoted as saying by a news agency.
According to a company release, its operating loss has been reduced by 50 per cent during April-September this year after netting out the one-time capital gains made in the same period last year from divestment of captive power plants and leasing of company houses during this period in both years.
An improvement of 12 per cent in net sales realisation, a volume growth of eight per cent in mild steel sales, a production growth of eight per cent and lower capital related charges primarily contributed to the upturn in the company's fortunes, the release said.