August 27, 2009 / 10:12 AM / 8 years ago

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.

Shadow of an official of Tata Steel Ltd., falls on the company logo while presenting the company's quarterly results in Mumbai in this May 17, 2007 file photo. REUTERS/Arko Datta/Files

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.

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