Essar Steel Canadian Unit Q2 Profit at Rs 288 Crore

New Delhi: Essar Steel Algoma, the Canadian subsidiary of Essar Steel, on Wednesday reported a profit after tax of 52.9 million Canadian dollars (Rs 288.52 crore) 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 110 million Canadian dollars in the corresponding period a year ago, 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," Essar Steel Algoma chief executive Kalyan Ghosh said.

Revenue of the company grew 23 per cent to 572.8 million Canadian dollars compared to 464.4 million Canadian dollars in the same period of last year. Sales improved 6 per cent to 6.8 lakh tonnes from 6.4 lakh tonnes a year ago.

Ebitda grew to 85.2 million Canadian dollars in the second quarter of 2014-15 against 0.3 million Canadian dollars reported in the same period last year.