Essar Steel Algoma Q2 profit rises to Rs 288.52 cr

Essar Steel Algoma, the Canadian subsidiary of the Ruias-owned Essar Steel India Ltd, on Friday reported CAD 52.9 million (Rs.288.52 crore) profit after tax for the second quarter on higher sales and selling price. The company, which has a four million tonnes per annum steel-making capacity based in Sault Ste, Ontario, had reported a loss of CAD 110 million in the corresponding period last fiscal, Essar Steel said in a statement.

"Step changes in both productivity and conversion costs combined with improving macroeconomic indicators are positively reflected in our second quarter results," said Essar Steel Algoma's chief executive officer Kalyan Ghosh.

Revenue of the company grew by 23% at CAD 572.8 million compared to CAD 464.4 million in the same period of last year. Sales improved by 6% at 6.8 lakh tonnes against 6.4 lakh tonnes. EBITDA has grown to CAD 85.2 million in Q2 FY15 against CAD 0.3 million in the same period last year.