Jisco Posts Rs 30-cr Q3 Net

Mumbai, January 20: | Updated: Jan 21 2003, 05:30am hrs
Jindal Iron & Steel Company Ltd (Jisco) has posted a net profit of Rs 29.86 crore for the third quarter ended December 31, 2002 as compared to a net loss of Rs 15.34 crore in the corresponding period of last fiscal. Income from operations has increased 55.6 per cent to Rs 424.77 crore from Rs 273.05 crore last year.

Gross profit before interest and depreciation for the third quarter has increased 282 per cent to Rs 87.88 crore as compared to Rs 22.97 crore in the corresponding period of the previous fiscal.

Interest outgo for the third quarter was lower by 20.91 per cent at Rs 25.30 crore as against interest of Rs 31.99 crore in the same period of the previous fiscal..

The drop in interest paid by the company can be attributed to the debt restructuring exercise that Jisco underwent recently. The company in its press release has stated that Unit Trust of India has approved the financial restructuring package with effect from October 1, 2002. The company further states that the impact of the restructuring in the current quarter has been considered. However, the impact pertaining to prior periods will be considered at the year-end, the company added.

The depreciation for the third quarter stood at Rs 10.24 crore as against Rs 11.78 crore in the previous quarter. Net profit for the nine months ended December 3, 2002 increased to Rs 54.82 crore as against a loss of Rs 45.69 crore in the corresponding nine months of the previous fiscal. Income from operations for the nine months increased 33.24 per cent to Rs 1,062.31 as compared to Rs 797.14 crore.

The company has said in a press release that the production of galvanised plain and galvanised corrugated products during the third quarter touched a record 1.36 lakh tonne resulting in 99 per cent capacity utilisation.