Friday, October 30, 2009

Steel Authority profit down 17 percent

State-owned Steel Authority of India Ltd (SAIL) Friday reported a 17 percent drop in second-quarter profit on account of lower prices.

Its net profit declined to Rs.1,660 crore in the quarter ended Sep 30 from Rs.2,009 crore in the like quarter last year, the company said in a regulatory statement.

The total income stood at Rs.10,575.28 crore in the quarter under review as against Rs.12,488.58 crore in the corresponding quarter last year.

According to SAIL chairman S.K. Roongta, the lower prices eroded profit of the company in the second quarter to the tune of Rs.3,000 crore.

He also hinted that the company may cut prices by more than Rs.500 a tonne, starting next month.
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