JVSL Q4 net at Rs 404 cr

Jindal Vijayanagar Steel has posted a net profit of Rs 404.14 crore for the fourth quarter ended March 31, 2005 as compared with Rs 256.82 crore in the corresponding quarter last year. Total income during the period stood at Rs 2192.39 crore as against Rs 980.11 crore in the year-ago period. The company's board has approved the appointment of Deloitte Haskins & Sells and ICICI (ICIC.BO, news) Securities as valuers to evaluate the feasibility of acquisition by way of merger of Euro Ikon Iron and Steel, Euro Coke and Energy and JSW Power. It also okayed the raising of $500 million by way of foreign currency convertible bonds (FCCBs), American depository receipts (ADRs) or global depository receipts (GDRs) subject to requisite approvals, the company informed the Bombay Stock Exchange today. For the fiscal 2004-05, its net profit rose to Rs 870.11 crore as against Rs 528.68 crore in 2003-04. Total income stood at Rs 6698.34 crore for the year ending March 31, 2005 as against Rs 329.69 crore in 2003-04. Figures for the fourth quarter & for the financial year 2004-05 include the figures of the steel business of erstwhile Jindal Iron & Steel company and are therefore, not comparable with the figures of the corresponding fourth quarter and for the financial year 2003-04. The board of JVSL has recommended a dividend at 10 per cent on the cumulative redeemable preference shares.

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