ESSAR STEEL NET TAKES Rs106-CR HIT IN H1
Article Abstract:
Essar Steel, a hot rolled coils (HRC) producer, has posted a net loss of Rs106.22 crore during the first half of 1998-99 (Rs16.53 crore net profit during the first half of 1997-98). Essar Steel posted a loss due to a three percent fall in the earnings and a rise in the cost of freight, ore and power. It has also taken in the production and sales loss suffered at the Hazira plant due to the floods. During September 1998, it posted a 23 percent rise in its HRC production to 658,667 tonnes and a 3.5 percent rise in the sales volume to 671,031 tonnes. (ag)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ESSAR STEEL LOSS AT Rs120 CR
Article Abstract:
Essar Steel Ltd has registered a net loss of Rs120 crore on sales of Rs616 crore in the third quarter of 1998-99. The company registered a gross loss of Rs35 crore due to net interest charges of Rs118 crore and depreciation of Rs84 crore in the third quarter of 1998-99. The increased supply of steel in the domestic and export markets due to the collapse of Asian economies has adversely affected the price realisations of the company's products. Its cumulative net loss over the nine months ended December 31, 1998 stood at Rs226 crore. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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ESSAR STEEL SNUBS ECB, TURNS TO FIs FOR FINANCING
Article Abstract:
Essar Steel Ltd has been forced to look at alternate rupee financing and pursue an export securitisation deal following an increase in the cost of external commercial borrowings (ECBs) with Moody's downgrading of India's rating. The company had proposed to raise $400 million through ECBs in 1998-99 to meet its working capital and capital expenditure requirements. Now the company has decided to source funds from Indian financial institutions like IDBI. (gsh)
Comment:
Proposes to raise $400 mil via external commercial borrowings in 1998-99 to meet working capital & capital expenditure needs
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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