|
Indian SAIL’s net profits fall by 18% in FY Q1
|
India state-run Steel Authority of India Ltd. (SAIL) announced that its net profits in the second quarter of current fiscal year amounted to 6.96 billion rupees, falling substantially by 18% from 8.48 billion rupees in the same period of a year earlier, caused by decreased sales and increased foreign exchange losses.
In spite of the net profit drop, the company is keeping its expansion plans.
C.S. Verma, the Chairman of SAIL said that the firm planned to spend 120 billion rupees in this financial year to raise its crude steel production capacity by 36% to 19 million tons a year, and then increase it to 24.36 million tons by end of fiscal year 2013/14.
News Date
8/8/2012 12:53:21 AM
reported by
Raul Lee
|
|
|
|
|