November 13, 2018 / 11:31 AM / a month ago

Jindal Steel and Power posts second-quarter profit on one-time gain

Workers walk inside the Jindal Steel and Power Ltd. complex at Nisha village, Orissa March 27, 2012. REUTERS/Rupak De Chowdhuri/Files

(Reuters) - Jindal Steel and Power Ltd on Tuesday reported a profit of 3.44 billion rupees ($47.36 million) for the second quarter, helped by a one-time gain.

For the year-ago period, the New Delhi-based company had reported a loss of 4.48 billion rupees.

Eight analysts on average had expected a loss of 536 million rupees, according to IBES data from Refinitiv.

The company had a one-time gain of 2.55 billion rupees in the quarter, partly due to savings from early redemption of certain privately placed debentures and from write-off of a part of expenses incurred in earlier years for projects, the company said. reut.rs/2DB5CwY

Total revenue from operations jumped 63 percent to 99.82 billion rupees, while revenue from its iron and steel segment surged 73 percent to 86.45 billion rupees.

($1 = 72.6375 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu

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