SAIL IDLE UNITS TO FETCH Rs500 Cr
Article Abstract:
Steel Authority of India Ltd (SAIL) plans to sell Rs500 crore idle units over the next five years to improves its profit lines. The entire steel industry is facing a recession and cost saving measures are a key thrust area at SAIL. It incurred a loss of Rs600 crore in the half year ended September 30, 1998. The sale of idle units is expected to realise Rs40 crore in 1998-99. The open hearth furnaces, the LD converters, blooming and slabbing mill and electric sheet mill at Rourkela Steel Plant are all up for sale. In Bokaro, the by-product plant, air conditioning and ventilation equipment, one converter and three kilns have been identified. Durgapur Steel Plant, which is switching to 100 percent continuous casting, will sell an oxygen plant, twin hearth furnaces, four kilns, an IMBP foundry and sleeper plant. A Rs1,030 crore money saving drive is underway this year and the company is planning several joint ventures and a financial restructuring to pull itself up. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SAIL'S NET PROFIT DOWN 65 PER CENT
Article Abstract:
Steel Authority of India Ltd (SAIL) recorded a 65 percent decline in net profit amounting to Rs132.99 crore on a total income of Rs15,127.69 crore, which rose by 2.8 percent, in 1997-98. The net profit declined mainly due to a 31.7 percent rise in interest payout amounting to Rs1,553.76 crore and 15 percent rise in depreciation charges at Rs794.86 crore. The dividend payout also declined to Rs41.30 crore in 1997-98 from Rs100 crore in 1996-97. But the operating profit went up by 1.5 percent to Rs2,497 crore compared to Rs2,458 crore in 1996-97. SAIL provided Rs15.6 crore for tax against Rs72.86 crore in 1996-97. The company saved nearly Rs700 crore through cost cutting exercise which substantially offset the Rs800 crore increase in input costs. (gsh)
Comment:
Records 65% decline in net profit amounting to Rs132.99 crore on a total income of Rs15,127.69 crore in 1997-98
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RINL POSTS 18% RISE IN SALES
Article Abstract:
Rashtriya Ispat Nigam Ltd (RINL) registered 18 percent growth in sales of steel to 13.80 lakh tonnes in the first nine months of 1998-99 (11.066 lakh tonnes in the first nine months of 1997- 98). It posted revenue (provisional) of Rs2,067 crore (Rs2,171 crore). Export sales dropped to 155,000 tonnes (331,000 tonnes). Export income in terms of value declined to Rs235 crore (Rs486 crore). RINL owns a three million tonnes per annum steel plant at Visakhapatnam. (gs)
Comment:
Rashtriya Ispat Nigam Ltd (RINL) registered 18 percent growth in sales of steel to 13.80 lakh tonnes in the first nine months of 1998-99 (11.066 lakh tonnes in the first nine months of 1997- 98).
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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