International BusinessEssar Oil, JSW Steel & Petronet LNG Q1 results
Essar Oil net zooms 450%
- Essar Oil gains on retail revamp move - Essar Oil revamping its retail fuel outlets - Essar Oil ties up $920 mn to fund refinery expansion - Essar Oil erases gain, ends marginally down - Essar Oil ties up $920 mn to fund refinery expansion - Steel ind asks govt to take action against dumping
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India’s second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
The jump in profit comes despite a severe drop in turnover, which was recorded at Rs 6,597 crore, a decrease of 26 per cent compared to Rs 8,950 crore posted in the same quarter a year ago, according to data provided by the Bombay stock Exchange (BSE). Expenditures of the company went down by almost 32 per cent to Rs 5,939 crore in the reporting period as compared to Rs 8,950 crore.
JSW Steel profit down 6.4%
Sajjan Jindal promoted JSW Steel has posted a 6.4 per cent drop in the first-quarter consolidated profit at Rs 234.08 crore as prices failed to recover in line with demand from automakers and builders. Income fell 9.93 per cent to Rs 4,013.78 crore. The revenues from the steel business fell 9 per cent to Rs 4,121 crore in the quarter ended June 30, 2008.
However, revenues from the power business grew 18.5 per cent to Rs 207.25 crore. The steel prices in India almost halved from a record in June last year and demand slumped at JSW’s US mills amid the global recession.
The steel demand may climb as much as 10 per cent in this financial year, almost double the pace previously estimated, as the government spends more on infrastructure, said steel secretary Pramod Rastogi recently. On a standalone basis, the steel-maker posted a 55 per cent rise in net profit at Rs 340.02 crore for the quarter ended June 2009, while total income grew 6 per cent to Rs 3,916.80 crore.
Petronet LNG Q1 net dips 2%
Liquefied natural gas importer Petronet LNG on Monday said its net profit declined by 2.2 per cent at Rs 103.31 crore for the quarter ended June 30, 2009, over the same period last year. The company had a net profit of Rs 105.64 crore in the same quarter ended June 2008, liquefied natural gas importer said in a filing to the Bombay Stock Exchange.