BUSINESS

SAIL makes cash profit in Q3

NEW DELHI JAN. 28. The Steel Authority of India Limited (SAIL) has reported a cash profit of Rs. 215 crores for the third quarter of the current fiscal ended December 31, 2002 as against a cash loss of Rs. 297 crores in the same period previous year.

SAIL's losses for the nine-month period (April-December 2002) were also brought down to a level of Rs. 58 crores, showing a recovery of 57 per cent over the same period of the preceding year.

The turnover for April-December reached Rs. 13,097 crores, an improvement of 21 per cent over the corresponding period of 2001. The turnover for the third quarter stood at Rs. 4,908 crores, a jump of 28 per cent, an official release said.

Improvement in market conditions and company's own product mix helped mild steel volumes to grow by around 9 per cent as well as push net sales realisation by 15 per cent during April-December 2002.

SAIL has also been successful in reducing its borrowing level by Rs. 371 crores over March 2002. Its capital-related expenses were down by Rs. 168 crores during April-December 2002 through reduction in interest charges.

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