SAIL Announces Q3 Results (27-Jan-2010)
Steel Authority of India Ltd (SAIL) has announced the following Unaudited results for the quarter ended December 31, 2009:
The Company has posted a net profit of Rs 16755.50 million for the quarter ended December 31, 2009 where as the same was at Rs 8433.40 million for the quarter ended December 31, 2008. Total Income is Rs 102854.70 million for the quarter ended December 31, 2009 where as the same was at Rs 93477.60 million for the quarter ended December 31, 2008.
- The Ministry of Corporate Affairs, vide order dated July 28, 2009, notified the approval of amalgamation of Bharat Refractories Ltd. (BRL), another Government Company, with the Company under Section 396 of the Companies Act, 1956. As per the scheme of amalgamation, the amalgamation is effective from the appointed date of April 01, 2007. The amalgamation has been given effect to in accordance with the provisions of the scheme of amalgamation during the current quarter. Accordingly, as stipulated under the scheme of amalgamation, balance of the Profit & Loss Account of the BRL as on April 01, 2007, has been merged in the accounts of the Company. The profit after tax of BRL for the years 2007-08 & 2008-09, has also been credited to the balance of the Profit and Loss Account of the Company. The financial results of the quarter/half year ended December 31, 2008 and the year ended March 31, 2009, do not include the figures of the erstwhile BRL and are therefore not comparable with those of the current quarter/half year. The figures for the current quarter/half year include the results of erstwhile BRL, subsequent to its amalgamation with the Company.
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