Essar Steel (EStL) has turned the corner in the 1Q, 2001 with a net profit of Rs. 48.3 million against a loss of Rs.1379.6 million in the corresponding period of the last year. Total income for 1QFY2001 showed an increase of 50% at Rs.6927.4 million over total income of Rs.4629.1 million in the corresponding period of the previous year. The EBIDTA is also up by 411% at Rs.2244 million against Rs.438.9 million in the corresponding period. After providing for interest of Rs.1120.1 million (Rs.958 million in 1Q 2000), depreciation/amortisation and deferred revenue expenses of Rs.1075.6 million (Rs 860.5 million), the company posted a net profit of Rs 48.3 million as compared to a loss of Rs. 1379.6 million in the corresponding period in the previous year.
The performance of EStL in Q1 2001 is in line with the Company’s programme towards enhancing shareholder value.
CORPORATE