Net sales of the company during the period stand at Rs 532.08 crore against Rs 180.92 crore achieved in 1997-98. ``The financial performance is based on production of plates out of procured slabs in the company's roughing mill at Bellary in Karnataka,'' according to JVSL.

Total expenditure of JVSL was Rs 456 crore (Rs 146.72 crore) and interest paid by the company was Rs 81.70 crore (Rs 47.67 crore) during the period. Gross loss after interest but before depreciation and taxation was Rs 5.62 crore (Rs 13.47 crore).

Depreciation during the fiscal ended March 31, 1999 was Rs 22.51 crore (Rs 21.29 crore). The company's paid-up equity share capital has gone up to Rs 1012.03 crore from Rs 1011.76 crore. The results were taken on record by the board of directors in Mumbaion May 31.

During the quarter ended March 31, 1999 JVSL has reported a total income of Rs 156.41 crore and its total expenditure stands at Rs 129.15 crore. During the quarter the company has registered a net loss of Rs 9.01 crore. Figures for the corresponding quarter were not provided by the company.

According to the company, most of the data processing systems and main applications have been found to be Y2K compliant. Replacement of some equipments as necessary is expected to be completed by September 1999 at an estimated cost of Rs 15 lakh.