The Hindu Business Line : Sterlite Industries PAT higher in fourth quarter

Sterlite Industries (India) Ltd has reported a profit after tax and extraordinary items of Rs 240.71 crore for the fourth quarter of 2005-2006 against a net loss of Rs 39.34 crore in the year-ago period.

Higher copper prices helped the company's profits.

Total income (net of excise) has increased to Rs 2,551.98 crore during the quarter from Rs 1,194.46 crore in the year-ago period.

"The successful commissioning of all our first phase of growth projects (copper, zinc and aluminium) has contributed to significantly higher production volumes. This, combined with robust metal prices has enabled us to deliver these outstanding results," the company said in a news release quoting Mr Anil Agarwal, Chairman, Sterlite Industries (India) Ltd.

The board has recommended a dividend of Rs 1.25 per share.

For the year, the company reported a higher profit after tax and extraordinary items of Rs 511.12 crore compared with Rs 106.42 crore in the earlier year.

Total income (net of excise) moved up to Rs 7,619.88 crore from Rs 4,107.09 crore in the previous year.

Copper exports were up by 246 per cent at Rs 4,427 crore during the year.

TC/RC was higher at 23.13 cents per pound as compared with 8.6 cents in the previous year.

Average copper LME during FY06 was $4097 per tonne, higher by 37 per cent from the earlier year's $3000 per tonne.

During the fourth quarter, average copper price on LME was $4940 per tonne, up by 77 per cent than average copper LME of $2790 per tonne in the year-ago quarter.

At Bharat Aluminium Company Ltd, the expansion of 250,000 tonnes per annum aluminium smelter at Korba was completed in record time. Share of value-added products rose by 31 per cent to 46,000 tonnes.

Shares of Sterlite quoted at Rs 409.55, down by Rs 20.30 on BSE.