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Jindal Steel & Power second-quarter loss narrows
November 9, 2017 / 12:22 PM / a month ago

Jindal Steel & Power second-quarter loss narrows

(Reuters) - Jindal Steel and Power Ltd reported a smaller-than-expected quarterly loss, helped by higher revenue from its iron and steel business.

A general view of the Jindal Power and Steel Ltd. complex is pictured at Nisha village in the eastern Indian state of Orissa March 27, 2012. REUTERS/Rupak De Chowdhuri/Files

The steelmaker reported a loss of 4.48 billion rupees ($69.00 million) for the quarter ended Sept. 30, compared with a loss of 7.46 billion rupees a year earlier, the company said on Thursday.

Analysts on average had expected the company to post a loss of 4.84 billion rupees, according to Thomson Reuters Eikon data.

Revenue from its iron and steel segment rose about 25 percent to 49.97 billion rupees.

($1 = 64.9300 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru; Editing by Vyas Mohan

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