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Calcutta, July 28: Indian Aluminium Co on Tuesday reported a 76 per cent growth in net profit for the first quarter of 1998-99. It has made Rs 16.1 crore against Rs 9.16 crore in the same period of 1997-98.
Sales and operating revenue for the quarter was reported at Rs 266.8 crore, a growth of 10 per cent over Rs 243.19 crore in the first quarter of 1997-98. Operating profit was reported at Rs 31.8 crore (Rs 21.5 crore).The Indal board took on record the company's unaudited financial results at its meeting held here on Tuesday.
A company release attributed the improved performance of the aluminium major to increased production, particularly of alumina and sheets, and also to higher operating efficiencies at almost all its units.
Its efforts towards cost reduction through improved logistics and tighter control on operating working capital by bringing down inventories and receivables have also helped the company to better its performance in the April-June quarter.
Metal production of the company was up Calcutta, July 28: Indian Aluminium Co on Tuesday reported a 76 per cent growth in net profit for the first quarter of 1998-99. It has made Rs 16.1 crore against Rs 9.16 crore in the same period of 1997-98.
Sales and operating revenue for the quarter was reported at Rs 266.8 crore, a growth of 10 per cent over Rs 243.19 crore in the first quarter of 1997-98. Operating profit was reported at Rs 31.8 crore (Rs 21.5 crore).The Indal board took on record the company's unaudited financial results at its meeting held here on Tuesday.
A company release attributed the improved performance of the aluminium major to increased production, particularly of alumina and sheets, and also to higher operating efficiencies at almost all its units.
Its efforts towards cost reduction through improved logistics and tighter control on operating working capital by bringing down inventories and receivables have also helped the company to better its performance in the April-June quarter.
Metal production of the company was upby 12 per cent over the first quarter of 1997-98. Exports grew by 27 per cent to Rs 49.5 crore over the same period.
The release further stated that the special additional duty of four per cent announced in the 1998-99 Budget increased the import duty on aluminium metal and semifab products to 31.7 per cent. As a result, Indian users of aluminium metal would be at a tremendous disadvantage since they would have to pay a far higher price than the prevailing international price.
However, Indal has hailed the 10 per cent duty reduction on the import of aluminium melting scrap. The release stated that this would enable the metal's recycling, which was environment-friendly and energy-efficient, and also help Indal restore some viability to its own scrap recycling plant at Taloja in Maharashtra.
The release further stated that Indal was on its way to achieve Y2K compliance for all its businesses which would ensure a smooth transition to the new millennium.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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