Tata Steel Q3 net loss widens, misses estimates
MUMBAI (Reuters) - Tata Steel (TISC.NS) posted its second straight quarterly loss on Wednesday, as weak demand and prices in its main European market squeezed margins.
Tata, which operates nearly two-thirds of its 28-million-tonne capacity in Europe, reported a worse-than-expected net loss of 7.6 billion rupees for the three months to December 31. Net sales fell 3 percent to 318.21 billion rupees.
Analysts on average had expected the company to report a net loss of 745 million rupees for the December quarter, according to Thomson Reuters StarMine Smart Estimate data.
The net loss for the quarter compared with a loss of 6 billion rupees a year earlier.
Shares in Tata Steel, valued at $6.9 billion, closed down 2.3 percent ahead of the results announcement.
(Reporting by Prashant Mehra; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The government sold a 10 percent stake in state-run behemoth Coal India on Friday, in a bumper sale which saw demand from institutional investors marginally exceed supply, giving a welcome boost to the government's faltering divestment drive. Full Article