Surge in VISA Steel's net profit

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{image-visa steel_28052008.jpg www.oneindia.com}Kolkata, May 28: The net profit of VISA Steel, part of the Rs.40 billion VISA group, has surged by 3,129 per cent at Rs. 20.99 crore in the fourth quarter of 2006-07 as against Rs.0.65 crore in the corresponding period of the previous year.

The revenue growth of the company shot up by 78 per cent at Rs. 259.66 crore during the period as compared to Rs.145.98 crore in the fourth quarter of 2005-06. The company also posted 110 per cent growth in annual net profit at Rs. 43.15 crore for 2006-07 ending March 31, 2008 as against Rs.20.52 crore in the previous year while its revenue increased by 27 per cent at 682.81 crore from Rs. 537.93 crore.

The Board of Directors has recommended a dividend of ten per cent on par value of Rs. 10 per share for the year.

Commenting on the performance, VISA Steel Chairman Vishambhar Saran said at a press conference here today that the growth in revenue and profits during FY 07-08 had been driven by better realisation across products like pig iron, coke and ferro chrome combined with higher volume growth in the coke and ferro chrome operations.

UNI

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