Tata Steel (TSL) has declared a three per cent increase in its net profit for the first quarter ended June 30, 2006 at Rs 953.41 crore against Rs 924.11 crore in the corresponding period last year. Net sales for the quarter were higher at Rs 3,915.85 crore (Rs 3,557.06 crore). Other income amounted to Rs 77.93 crore (Rs 30.33 crore). Other income accounts for the investments in mutual funds and trading gains. Operating profit stood at Rs 1,581.30 crore (Rs 1,588.21 crore).
Tata Steel reported a 3.7 per cent increase in its consolidated first net profit at Rs 1,013.94 crore (Rs 977.20 crore). The companys steel production rose from 9,48,926 tonnes to 1,108,514 tonnes, logging a 16.8 per cent increase. Steel sales stood at 11,15,066 tonnes against 8,75,498 tonnes.
The companys four divisions - tube, wire, ferro alloys and bearing - also did well during the quarter. Earnings per share (EPS) has risen from Rs 16.70 to Rs 17.23 per share. Tat Steels production would be higher by 5,00,000 tonnes during the current fiscal. The company would also focus on integration of Millennium Steel it had acquired recently. The company is keeping its eye open for possible acquisition opportunities.
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| Posted : 7/22/2006 |
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