Sdf Write-Off Stems Sail Losses To Rs 1720 Erore In 1999-00

The Steel Authority of India Ltd (SAIL) managed to limit its pre-tax loss to Rs 1,720 crore in 1999-2000 against Rs 1,618 crore incurred in 1998-99, primarily due to write-off of Rs 5,073-crore loan from the Steel Development Fund (SDF). SAIL, had announced a loss of Rs 2,065 crore for April-December, 1999. However, the loss for fiscal 1999-2000 declined due to an improved fourth-quarter performance, coupled with the benefit of a Rs 757-crore waiver of interest towards SDF and write-down of assets as part of the financlal restructuring approved by the government during the year. An all-time record sales of 9.7 million tonne, however, helped boost the undertaking's turnover to Rs 16,250 crore in 1999-2000. Gross loss for the year increased around 14 per cent to Rs 587 crore.