SAIL fourth quarter net rises 40 percent

Mumbai, May 28 (IANS) Steel Authority of India (SAIL) Friday reported a 40.37 percent rise in net profit at Rs.2,084.9 crore for the quarter ended March 31, 2010 over Rs.1,485.2 crore logged in the corresponding quarter of the previous fiscal.

The company’s total income increased to Rs.12,672.69 crore during the January-March quarter from Rs.12,519.33 crore for the quarter ended March 31, 2009, SAIL said in a regulatory filing.

For the whole year, net profits stood at Rs.6,754.37 crore, a growth of 9.46 percent against Rs.6,170.4 crore for the year ended March 31, 2009.

Total income, however, declined to Rs.43,233.26 crore due to lower sales realisation in the 2009-10 financial year, compared to Rs.45,623.41 crore in the previous fiscal.

The board announced a final dividend of Rs.1.70 per share, in addition to the Rs.1.60 per share given already, taking the total dividend paid for the entire year to Rs.3.30 per share.

Meanwhile, the steel ministry said SAIL’s expansion was affected by a delay in equipment pricing order and denied any controversy in the appointment of the next SAIL chairman and managing director.