After yeas of losses Tinplate Company of India Ltd has managed to turn around in 2001 -02. What's more, the company has also decided to implement a two-pronged plan to sustain its latest profitability. The company has posted a profit after tax of Rs 10.2 million for the year ended March 31, 2002, as against the net loss of Rs 183.2 million recorded in the previous year. The loss in 1999-2000 stood at Rs 145 million. Tinplate saw a reversal of fortune in 2001-02 because of an all-round improvement in performance, according to Mr Shashi S. Prasad, Chairman. Both production and sales went up, while the net realisation did not drop any further. The performance, it was felt, should be seen against the backdrop of a sluggish demand situation. Mr Prasad was addressing shareholders at the company's 83rd AGM recently in Kolkatta. The company, which had losses of Rs 620 million in 1997-98, is now coming up with an elaborate programme to improve its performance. This included a debt restructuring exercise and a quality improvement package. Debt recast, incidentally, had been on the company's agenda for some time, and considerable progress had already been made on this front.
NSTL
