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Tisco's H1 net dips to Rs 963.2m

Tata Iron and Steel Company Limited has posted a lower net profit of Rs 963.2 million during the half year ended September 30, 1998, registering a sharp decline of Rs 801.6 million from Rs 1.764 billion reported in the corresponding period of the previous year.

The slowdown of the economy which commenced two years ago continues and has impacted the half yearly results of the company. While volumes of production and sales during the first six months of 1998-99 increased marginally, net realisations were lower, and income from operations came down by 6.60 per cent.

Tisco's sales also dropped by Rs 198.67 billion to Rs 2.81 trillion during the first half against Rs 3.01 trillion reported during the first half of the last year

Despite severe competition both in domestic and international markets, the company was able to increase its sales tonnage by four per cent, the company release stated.

The right-sizing exercise which started three years ago continues, and employee separation compensation has accordingly increased to Rs 780.8 million (Rs 479.6 million during the corresponding first half of 1997-98).

UNI

Tisco's Q1 results