Steel Authority of India Ltd (SAIL) has registered a whopping Rs. 15 bn loss for fiscal 1998-99 against a net profit of Rs. 1.3 b in the previous year, reports the Financial Express. Sales grew by a meagre 2.3 per cent to touch Rs. 149 bn. The reserves of the company fell to Rs. 2.9 bn from Rs. 4.4 bn in the previous year. According to a statement issued by the company, the loss is due to the depression in steel demand and higher burden of depreciation and interest on the commissioning of major modernisation schemes at Rourkela and Bokaro and other capital schemes during the year and the merger of the loss-making subsidiary Visvesvaraya Iron & Steel Ltd. SAIL had announced a cumulative loss of Rs. 8.9 bn for April-December 1998.
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