Tata Steel posts consolidated June qtr loss
MUMBAI (Reuters) - Tata Steel Ltd, the world's No.8 steelmaker by output, posted a consolidated June quarter loss as poor demand at its European unit Corus and lower steel prices weighed on earnings.
Tata Steel, which bought Corus, Europe's second-largest steelmaker, in 2007, said its consolidated April-June net loss was at 22.39 billion rupees ($458 million), compared with 39.15 billion rupees profit a year earlier.
Its consolidated April-June net loss after minority interest and share of profits of associates was 22.09 billion rupees compared with a profit of 39.01 billion rupees a year earlier.
Consolidated net sales fell to 231.81 billion rupees from 433.75 billion a year ago.
A Reuters poll of six analysts had estimated consolidated net profit of 660 million rupees on net sales of 230 billion rupees.
(For more news on Reuters Money click in.reuters.com/money)
- Tweet this
- Share this
- Digg this
- Govt considers ban on e-cigarettes, sale of single smokes
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Sensex surges 500 points on BOJ easing, L&T gains
- PRECIOUS-Gold, silver tumble to four-year lows as dollar rallies
- Japan's central bank shocks markets with more easing as inflation slows
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article