STERLITE NET UP 23%, DIVIDEND AT 85%

Article Abstract:

Sterlite Industries Ltd (SIL) posted a 23 percent increase in its net profit for the year ended June 30, 1998. The board of SIL has recommended a dividend of 85 percent (80 percent in 1996-97). Its sales increased by 31 percent. In 1997-98, SIL earned 61 percent of its revenue from the copper smelting business and 28 percent from sale of jelly filled cables. Sales of jelly filled cables increased by 75 percent to 58 lakh ckm while sale of optical cables increased to 85,281 fibre km. (ag) ------------------------------------------------------------ Financial Performance of Sterlite Industries Ltd (Rs in crore) ------------------------------------------------------------ Particulars 1997-98 1996-97 ------------------------------------------------------------ Sales 1,402 1,071 ------------------------------------------------------------ Profit before depreciation interest and tax 210 150 ------------------------------------------------------------ Net Profit 157 127 ------------------------------------------------------------

Comment:

Posts 23% increase in its net profit for the year ended 6/30/98 and proposes a dividend of 85%

Article

CLOSURE BURNS UP Rs70 CRORE FOR STERLITE COPPER SMELTER

Article Abstract:

Sterlite Industries is expected to lose about Rs70 crore in terms of production due to the closure of its copper smelter at Tuticorin. The smelter had been closed for over a month from November 23, 1998 following a directive from the Madras High Court. The smelter, which has an installed capacity of one lakh tonnes per annum, was producing about 225 tonnes of copper anodes per day. The court has now permitted the smelter to resume operations on an experimental basis for two months. (khr)

Plant shutdown

STERLITE SALES UP 53%, NET RISES 19%

Article Abstract:

Sterlite Industries has increased its sales by 53 percent to Rs383 crore in the first quarter ended September 30, 1998. The sales growth is due to improved capacity utilisation of its one lakh tonnes per annum copper smelter. The company's gross profit has grown by 62 percent to Rs49.26 crore while net profit has increased by 19.13 percent to Rs29.39 crore. It has provided Rs19.87 crore towards depreciation and Rs21.94 crore for interest. (khr)