Calcutta, April 22: Ispat Industries Ltd has reported a net profit of Rs 55.17 crore for 1997-98 as against Rs 78.83 crore in the previous fiscal. This is despite an 8.65 per cent growth in the company's turnover, which has gone up from Rs 1,388.26 crore in 1996-97 to Rs 1,434.19 crore, a company press statement said here. The company did not recommend any dividend this year although the depreciation cost has declined from Rs 66.82 crore to Rs 57.54 crore this fiscal. "To plough back the available profits for the ongoing projects of the company, the board of directors of the company have not recommended any dividend for this year," the release said.The company said most industries were adversely affected which led to stagnant growth in the consumption of steel. The sponge iron plant at Dolvi in Maharastra produced 12,51,382 tonnes recording a growth of 11 per cent compared to the production of 11,26,149 tonne last year.
