Sterlite net slides on lower metal prices; PNB profit up 31%

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Mumbai, Delhi, Kolkata, Chennai, Bangalore: Sterlite Industries Ltd, part of the London-listed Vedanta Resources Plc, on Thursday said the company’s consolidated net profit for the second quarter ended September 30, 2009, fell 24.91% to Rs 958.85 crore against Rs 1,276.94 crore in the corresponding quarter last year. Net sales during the quarter stood at Rs 6,085.46 crore, down 7.71% compared to Rs 6,593.77 crore in Q2 FY09. For half year ended September 30, 2009, the company’s consolidated net dipped 32.80% to Rs 1,631.51 crore against Rs 2,428.02 crore last year. Net sales during the period also fell by 14.08% to Rs 10,622.57 crore. “Profit during the quarter and half year ended September 30, 2009, was impacted by lower LME’s and lower by-product realisations, which was partially offset by higher sales realisation on account of depreciation of the rupee,” the company said. Sterlite’s consolidated cash, cash equivalents and liquid investments as on September 30, 2009 stood at Rs 24,213 crore. The company, which is fighting a case to acquire bankrupt US copper miner Asarco LLC, could get another chance to stake a claim to Asarco as the district court judge of Texas had last week declined from confirming the verdict of a lower bankruptcy court that recommended Grupo Mexico for Asarco.

PNB profit at Rs 927 crore

Punjab National Bank on Thursday reported a 31.1% growth in its net profit at Rs 927 crore for the second quarter ended September 30, 2009, on higher interest and treasury income. The bank had registered a net profit of Rs 707 crore in the September quarter of last fiscal. Profit has come on the back of high interest income that rose by 16.3% to Rs 5,407 crore and treasury income, the banks' newly-appointed CMD K R Kamath said.

Tata Chem net at Rs 223 crore

Tata Chemicals reported a consolidated net profit of Rs 222.83 crore for the second quarter ended September 30, against Rs 277.70 crore in the same period last fiscal. The company reported net sales at Rs 2,229.50 crore for the latest quarter ended September 30, while it stood at Rs 4,784.69 crore in the same period previous year. The company said current quarter figures are not comparable with that of the previous fiscal due to the reasons which include differences in exchange loss arising out of restatement of long term borrowing.

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