Usha Martin net profit up 73 percent

Wednesday, 30 July 2008, 07:00 Hrs
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Kolkata: Speciality steel and wire rope manufacturer Usha Martin has announced a net profit of 650.8 million ($15.5 million) for the first quarter of the current fiscal, compared to 376.8 million over the same period last year, an increase of 73 percent.

"The company has registered a good performance in the first quarter of the financial year 2008-09. For the first time we have crossed a consolidated profit before tax (PBT) of 1.01 billion from 552.8 million last year, with a growth of 82 percent," Usha Martin Managing Director Rajeev Jhawar said after the company's board meeting here.

He said the production of global wire rope grew by 10 percent compared to the corresponding period in 2007-08.

"The net sales of the company also rose to 6.98 billion from 5.04 billion, registering a growth of 39 percent," Jhawar said.

He said the company was investing 21 billion for expanding its operations.
Source: IANS
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