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Steel Authority of India posts 10th straight quarterly loss
November 9, 2017 / 12:17 PM / a month ago

Steel Authority of India posts 10th straight quarterly loss

(Reuters) - Steel Authority of India Ltd posted a narrower second-quarter loss on Thursday, the tenth straight loss in a row.

FILE PHOTO: A man paddles his rickshaw pasts an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India, August 5, 2016. REUTERS/Adnan Abidi/File Photo

Net loss came in at 5.39 billion rupees ($82.96 million) in the quarter ended Sept. 30, compared with a loss of 7.32 billion rupees in the year-ago period.

Analysts on average had expected the state-run company to post a loss of 2.73 billion rupees, according to Thomson Reuters data.

Quarterly revenue from operations was up about 8 percent at 136.17 billion rupees, while total expenses rose 2.7 percent to 141.09 billion rupees.

($1 = 64.9700 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru

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