On Monday, Indian steel company, JSW Steel said that the net profit for the company is Rs. 611 crore. This was for the fourth quarter ending March 31, 2010.

This is good news since during the same quarter last year, it saw a huge loss of Rs. 39.9 crore. The information was given by JSW Steel in its filing with the BSE.

Total income of the steel maker rose to Rs 5,577 crore as against Rs 3,719 crore, during the same period last year.

The board also declared a dividend of 95 per cent or Rs. 9.50 per share, with a face value of Rs. 10. It currently has 18.70 crore shares in the market.

As for the full year, JSW saw a five times increase in its profit to touch Rs 1,597 crore.

Post the declaration, shares of the company went down by 0.53 per cent during the day to close at Rs 1,221.15.

Meanwhile, in another announcement JSW has said that it has identified a few coking coal assets in US, which it is going to buy. The total capacity of these mines is going to be 123 million tons.