Friday, October 30, 2009

Visa Steel net drops to Rs.8.71 crore

Visa Steel, part of the Rs.5,000 crore Visa Group, Friday said its profit after tax for the quarter ended Sep 30 dropped to Rs.8.71 crore from Rs.20.1 crore in the corresponding period last year.

However, the company's revenues had been stable in the quarter under review due to better production volumes in its operating plants, Visa Steel Managing Director Vishal Agarwal said.

"We have focused on reducing our raw material costs especially coking coal, iron ore and chrome ore. Power costs have also fallen significantly due to commissioning of the 50 MW power plant," Agarwal added.

The company currently produces pig iron, low ash metallurgical coke, ferro chrome, sponge iron and power.
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