Tisco net dips

Tata Iron and Steel Company has reported a lower net profit for the six months ended September 2001 at Rs. 48.58 crores against Rs. 216.74 crores in the corresponding period of the previous year. Net sales for the period were Rs. 3,543.4 crores (Rs. 3,537.77 crores).

The operating profit was at Rs. 597.36 crores (Rs. 776.55 crores). Interest charges claimed Rs.. 209.8 crores (Rs. 169.88 crores), depreciation Rs. 266.98 crores (Rs. 226.08 crores) and extraordinary items amounted to Rs. 98.24 crores (Rs. 182.05 crores). Tax provision was at Rs. 2.45 crores (Rs. 18 crores) and Rs. 2.92 crores (nil) for deferred tax.

Tata Steel was able to maintain its production volume. According to B. Muthuraman, managing director, `the company is among the lowest cost producer of steel in the world and moving up to the higher end of the product market spectrum. We have started a performance oriented system in the company.''

For the quarter ending September 2001, Tata Steel reported a net profit of Rs. 27.51 crores against Rs. 115.34 crores in the corresponding period of the previous year.

Net sales during the quarter were Rs. 1931.99 crores (Rs. 1809.5 crores). Operating profit for the period was at Rs. 287.48 crores (Rs. 418.81 crores) and other income was at Rs. 25.72 crores (Rs.. 20.67 crores).

The company provided Rs. 95.23 crores (Rs. 66.77 crores) for interest, Rs. 131.34 crores (Rs. 113.93 crores) for depreciation and Rs. 1.02 crores (Rs. 8.88 crores) for tax and Rs. 4.62 crores (nil) for deferred tax. Extraordinary items amounted to Rs. 53.48 crores (Rs. 134.56 crores).

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