MUMBAI 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)
Trending On Reuters
What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read