Reuters logo
India's Tata Steel Q1 profit falls 70 pct on provisions, tax expense
August 13, 2014 / 10:23 AM / 3 years ago

India's Tata Steel Q1 profit falls 70 pct on provisions, tax expense

MUMBAI, Aug 13 (Reuters) - Indian steel producer Tata Steel Ltd’s first quarter consolidated net profit slumped 70 percent, hurt by provisions for impairment of non-core assets and a higher tax expense.

The company posted net income of 3.37 billion rupees($55.01 million) in the three months ended June 30, compared with 11.39 billion rupees a year earlier.

Net sales jumped 11 percent to 361.43 billion rupees, helped by an increase in European demand.

The company’s management has intensified cost cuts and focused on high-margin products to boost sales at Tata Steel Europe, which contributed close to 57 percent of the company’s total steel production last year. (1 US$ = 61.2625 Indian rupee) (Reporting by Aman Shah in Mumbai; Editing by Biju Dwarakanath)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below