RINL registers 42 per cent growth

Kolkata, May 30 (UNI) Rashtriya Ispat Nigam Limited (RINL), which owns the Visakhapatnam Steel Plant, has earned a net profit after tax of Rs 1,943 crores in 2007-08 as against Rs 1,363 crores during 2006-07 registering a growth of 42 per cent.

Announcing the company's financial result for the last fiscal here today, RINL CMD P K Bishnoi said RINL sold about 18.27 lakh tonnes of value added steel in 2007-08, 65 per cent higher than the sales volume of 11.11 lakh tonnes in 2006-07.

''Despite steep increase in raw material costs of iron ore, ferro-alloys and coke, RINL could achieve this due to emphasis put on enhancing production and sale of value added steel,'' Mr Bishnoi said.

He informed that the sales turnover for 2007-08 registered an increase of 14 per cent to Rs 10,433 crores as against Rs 9,151 crores of the previous year.

The total income for 2007-08 rose by 16 per cent to Rs 9,993 crores from Rs 8,594 crores of 2006-07, he added.

Mr Bishnoi said 7.21 lakh tonnes of steel was sold in 'Project Sales' for 2007-08, which was 30 per cent higher than the sales volume of 5.55 lakh tonnes achieved in 2006-07.

UNI ADG PL DB1732