India-based steelmaker JSW Ispat has announced that the Supreme Court of India has approved its merger with JSW Steel, though the certified copy of the approval is still awaited. JSW Ispat shareholders will get one JSW Steel share for every 72 shares they hold.
The company also announced its financial results for the fourth quarter and the full financial year 2012-13 ended March 31. In the fourth quarter, JSW Ispat posted a net profit of INR 941.6 million ($17 million), compared to a net loss of INR 1.41 billion in the corresponding quarter of the previous financial year, while the company's sales revenue amounted to INR 26.21 billion ($472.3 million), decreasing by 3.67 percent year on year.
During the full financial year, JSW Ispat registered a net profit of INR 855 million ($15.4 million), while its sales revenue amounted to INR 78.46 billion ($1.41 billion). The figures are not comparable to the previous year since the company changed its financial year from July-June to April-March last year.
