MIEL Q4 net up 34% at Rs 57.20 cr, sales by 104%

New Delhi, Apr 28 (UNI) Monnet Ispat and Energy Ltd (MIEL) today said its net profit increased 34 per cent to Rs 57.20 crore during the fourth quarter ended March 2008 as compared to Rs 42.79 crore in the corresponding period a year ago.

The company's net sales jumped 104 per cent to Rs 380.64 crore from Rs 186.45 crore in the said period.

Commenting on the results, company's Executive Vice Chairman and Managing Director Sandeep Jajodia said in a statement that the company will be focussed more on the energy business rather than steel in the coming years.

''In the future, 55 per cent of the revenues will come from the energy business and rest from steel,'' he added.

MIEL has increased its power generation capacity for captive use to 150 MW.

The Board of Director has declared interim dividend of 25 per cent.

UNI AK MP GC1812