Usha Martin Q2 profit up 17 percent

October 25th, 2008 - 12:05 am ICT by IANS  

Kolkata, Oct 24 (IANS) Leading producer of speciality steel and one of the largest wire rope manufacturers globally, Usha Martin Limited, has posted profit after tax of Rs.418.5 million ($8.4 million) in the second quarter of the current fiscal from Rs.358.6 million in the corresponding period last fiscal - an increase of 17 percent, a company release said here Friday.Usha Martin has manufacturing facilities at Ranchi, Jamshedpur, Hoshiarpur, Britain, Thailand, UAE and the US. It has created a worldwide distribution, service and marketing network spread across the US, Britain, Europe, Africa, the Middle East, South East Asia and Australia.

During the first half of the financial year 2008-09, the consolidated profit before tax rose to Rs.1.79 billion from Rs.1.17 billion (an increase of 53 percent) and profit after tax to Rs. 1.17 billion from Rs.836.3 million (an increase of 40 percent). The net sales [net of inter segment adjustment] rose to Rs.15.05 billion from Rs.10.81 billion, registering a growth of 39 percent.

The results were adversely impacted by Rs.314.6 million for the quarter and Rs.558.5 million for the half year ended Sep 30 due to revaluation of long term foreign currency loans on account of rapid depreciation of the rupee against dollar as per Accounting Standard 11 of the Companies Act, 1956.

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