By IANS
Mumbai : Uttam Galva Steels Ltd (UGSL) has reported a 29 percent increase in net profit for the quarter ended Dec 31, 2007, compared to the same period last year.
Net profit for the Oct-Dec quarter amounted to Rs.291.5 million ($7.47 million) compared to Rs.226.3 million ($5.8 million) during the corresponding period last year.
The company’s net sales touched Rs.5.82 billion ($149.4 million) for the third quarter of fiscal 2007-08, which was up by 12 percent when compared to the previous year.
For the nine-month period ending Dec 31, 2007, its net profit was Rs.933.9 million ($23.96 million) up 14 percent when compared to Rs.822.3 million ($21.08 million) in the corresponding nine months of the previous year.
Ankit Miglani, director, commercial, Uttam Galva Steels Ltd, said: “Our focus on value addition combined with operational efficiencies have contributed to our healthy bottom line.”
“With the completion of our expansion plans in their final stages, we will be better equipped not only to fulfil diverse customer needs in the domestic market but also further consolidate our presence in the global markets in the quarters ahead,” he added.
The company also crossed a new landmark by exporting 2 million tonnes of value-added steel.