Heavy Engineering Corp net profit up 286 percent
Ranchi, April 4 (IANS) State-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal.
'During 2008-09, the company has posted a profit of Rs.16.11 crore, compared to Rs.4.17 crore in 2007-08,' HEC Chairman-cum-Managing Director G.K. Pillai told reporters.
This is the third consecutive year HEC is clocking net profit, a 'considerable improvement' given the fact that the company was on the verge of closure in 2004 because of bad performance.
The company's net sales stood at Rs.420.95 crore last fiscal, 13 percent up from Rs.372.53 crore a year before, an official statement said.
HEC has also reported 7.78 percent growth in production.
The engineering major expects its sales to grow to Rs.550 crore and profit to touch Rs.25.12 crore in 2009-10.
'At present HEC has orders worth Rs.736 crore from Rourkela Steel Plant, Rs.493 crore from Bhilai Steel Plant and Rs.135 crore from Bokaro Steel Plant,' Pillai said.
The company is also working on some space projects of the Indian Space and Research Organisation (ISRO) and others.
Read More: Rourkela | Engineering College | Sector 7 Bhilai | Nawagaon Bhilai | Civic Centre Bhilai Mdg | Bhilai West | Bhilai | Gb Engineering College | Regional Engineering College . | Tt. Thermal Power Plant | Heavy Water Project Colony | Salem Steel Plant | Durgapur Steel Project So | Durgapur Steel Town West | Durgapur Steel Town East | Durgapur Heavy Engg Plant | Metal & Steel Factory | Tripura Engineering College | Bokaro Steel City H.o. | B.s.city Plant | Hindustan Steel Colony
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