Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
April 18, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report April 18, 2001 |
Feedback
|
|
|
SAIL cuts losses by Rs 10 billion in 2000-'01Swati Prasad Steel Authority of India Ltd has cut its losses during the financial year 2000-01. It has posted a net loss of around Rs 7 billion for the financial year as against Rs 17.20 billion during the previous fiscal 1999-2000. SAIL chairman Arvind Pande said: "Our net loss for the financial year 2000-01 would be around Rs 7 billion, or maybe a little over it." For the first half of the financial year, SAIL had incurred a loss of Rs 5.20 billion as against a loss of Rs 13.77 billion incurred in April-September 1999. "During the current financial year, we hope to at least break-even, if not post profits," Pande added. The SAIL chief's optimism about the current fiscal is based on three factors. First, SAIL had high cost debt (varying between 15 to 17 per cent) which will be paid off during the course of this fiscal. Second, Pande expects the market to improve with national highway projects, power projects and ports coming up that would require large amounts of steel. Third, the SAIL chief hopes to complete the company's asset restructuring during the course of this fiscal. Besides, Pande expects the market for steel to grow by around 6 per cent during the current fiscal. "We hope to raise Rs 20 billion through divestment in the Salem Steel Plant, Indian Iron and Steel Company, Visheshwara Iron and Steel Ltd and the Rourkela Fertiliser Plant," Pande added. "Our accounts for the last fiscal, which are currently being finalised, show that a major part of our losses accrue to these loss-making units -- Salem Steel Plant, IISCO, VISL and the Rourkela Fertiliser Plant," he added. SAIL had raised Rs 3.91 billion during the last fiscal (in March) by divesting its stake in its power plants located at Rourkela and Durgapur to the National Thermal Power Corporation. Last month, SAIL and NTPC had signed an agreement whereby the latter picked up a 50 per cent shareholding in Sail Power Supply Company Ltd, a fully-owned Sail subsidiary. Sail and NTPC each have a 50 per cent stake in SPSCL. The company will operate and maintain two captive power units of SAIL. Powered by YOU MAY ALSO WANT TO READ:
|
||||
