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Stock Report
Southern Iron & Steel Company Ltd Quarterly net profit at Rs.150.34 Million, up by 1174% YOY
Posted On : 2007-07-19 05:42:26( TIMEZONE : IST )
Southern Iron & Steel Company Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.
The Company has posted a net profit of Rs.150.34 million for the quarter ended June 30, 2007 as compared to Rs.11.8 Million during quarter ended June 30, 2006.Total Income for the quarter ended June 30, 2007 was at Rs.2394.86 million compared to Rs.1273.61 million during quarter ended June 30, 2006.
The Company is implementing the expansion project to expand the capacity from 0.3 million tonnes per annum (mtpa) to 1.0 mtpa which initially involved an estimated capital expenditure of Rs 7500.00 million in three phases. The company had to reconfigure the plant facilities and processes for better efficiencies resulting in a revision in investment at Rs 9150.00 million. The expenditure incurred till date is Rs 8959.222 million.
New Sinter plant II has been commissioned during the current quarter. Blast Furnace II has been commissioned on July 18, 2007 and is presently under Trial run. Steel Melt Shop 2, Coke Oven Plant - II and 30 MW gas based power plant are expected to be commissioned during the 3rd quarter of 2007-08.
As per Corporate Debt Restructuring Scheme(CDR), Optionally Convertible Loans (OCL) of Rs 1589.346 million have been converted into 256.35 lakhs equity shares in April 07 at a premium of Rs 52/- per share. Balance OCL of Rs 2364.354 million is under process of conversion to Equity Shares at a premium of Rs 52/- per share / Cumulative Convertible Preference Shares as per consent of respective lenders.
The company has reported an Earnings Per Share (EPS) of Rs.0.51 for the Quarter ended June 30, 2007 as compared to Rs.0.04 during Quarter ended June 30, 2006.
The stock closed the day at Rs.31.95, down by Rs.0.55 or 1.69%. The stock hit an intraday high of Rs.33.70 and low of Rs.31.60. The total traded quantity was 1615846 compared to 2 week average of 1490894.
