JSPL net up 2.63% at Rs 151 cr

Steel manufacturer Jindal Steel and Power Ltd reported 2.63 per cent rise in net profit at Rs 150.66 crore for the quarter ended March 31, 2006, compared with Rs 146.7 crore in the year-ago quarter. Total income grew by 7.03 per cent to Rs 680.48 crore as against Rs 632.67 crore, according to a company release.

The board has recommended a final dividend of Rs 10 per equity share on shares of Rs 5 each (200 per cent). It had also announced an interim dividend of Rs 5 per share on shares of Rs 5 each.

For the full year, the company's net profit stood at Rs 572.94 crore compared with Rs 515.7 crore in the previous financial year. Total income rose to Rs 2,617.76 crore from Rs 2,282.15 crore for the previous fiscal.

The group's net profit for 2005-06 stood at Rs 582.93 crore, while total income at Rs 2,617.64 crore. The company has done better than both Tata Steel and SAIL in the last quarter of 2005-06 with both the steel majors reporting decline in net profit.

Jindal Steel had last week bagged the mining rights for the El Mutun mines in Bolivia. It plans to pump $2.3 billion in to the project over 10 years.