VISA Steel reports quantum jump in profitMay 28th, 2008 - 8:12 pm ICT by admin
Kolkata, May 28 (IANS) VISA Steel Limited, part of the VISA group, Wednesday reported a profit after tax (PAT) of Rs.209.9 million for the fourth quarter of 2007-08, showing a quantum jump of 3,129 percent over the corresponding period of the previous year. The PAT for 2007-08 grew by 110 percent to Rs.431.5 million on a revenue of Rs.6.82 billion.
VISA Steel managing director Vishal Agarwal said: “The growth in revenue and profits during 2007-08 have been driven by better realisations across products like pig iron, coke and ferro chrome combined with higher volume growth in the coke and ferro chrome operations.”
The company plans to set up a 1,200 MW power plant in Chhattisgarh. It has already signed a memorandum of understanding (MoU) for this project with the state government and is awaiting clearance from the environment and forests ministry.
It plans to double its ferro chrome production capacity to 1,00,000 tonnes by investing Rs.800 million.
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