SAIL Q4 net down 59 per cent
Public sector behemoth Steel Authority of India Ltd on Thursday said its net profit for the January-March quarter declined by 59 per cent.india Updated: May 25, 2006 18:55 IST
Public sector behemoth Steel Authority of India Ltd on Thursday said its net profit for the January-March quarter declined by 59 per cent to Rs 1103 crore compared to the year-ago period, as decline in steel prices put pressure on margins.
Total income during the quarter under review was Rs 9,379 crore compared to Rs 9,534 crore, according to company's results announced on Delhi.
For the year ended March 31, 2006, SAIL posted a net profit of Rs 4,013 crore compared to Rs 6,817 crore a year ago.
Total Income stood at Rs 29,312 crore for FY'06 whereas the same was at Rs 29,575 crore in fiscal 2004-05. Though SAIL achieved record sales of 11.3 million tonnes during 2005-06, the realisation was affected.
Steel prices, which decreased steadily from April to December 2005 to nearly 22 per cent of the previous year's peak due to decline in global prices, put pressure on margins leading to the steep fall in profits.
Pursuant to the scheme of amalgamation, the Indian Iron & Steel Company Ltd has been merged with the Company with effect from April 1, 2005.