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31 Jul 2009
State-run steel major Steel Authority of India Ltd (SAIL) on Thursday reported 27.7 per cent fall in its net profit to Rs.1,326 crore ($274 million) for the quarter ended June 30, as compared to Rs.1,835.1 crore in the like period last year. The total income too
decreased 13.6 per cent to Rs.9,692.7 crore from Rs.11,228.2 crore,
SAIL said in a regulatory statement. "Our thrust in this quarter and
in the coming quarters would be on operational efficiency," SAIL
chairman S.K. Roongta said. He said the company has no plan to expand
its capacity in the current year. "So, we would be concentrating on
improving our efficiency."
Roongta said the current realisations were reasonable and the company
hoped to start mining in a small scale. "We will also form a joint
venture with Shipping Corp of India for vessels to carry coal
supplies," he added. Earlier in the month, the public sector company
had said it would raise Rs.6,500 crore from various banks to fund its
operations.
Source: The Economic Times