August 11, 2017 / 12:21 PM / 5 days ago

Steel Authority of India posts ninth straight quarterly loss

A man stands next to an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, August 5, 2016.Adnan Abidi/Files

REUTERS - Steel Authority of India Ltd reported its ninth consecutive quarterly loss on Friday, hurt by higher expenses.

Net loss came in at 8.01 billion rupees ($124.80 million), in the first quarter ended June 30, compared with a loss of 5.36 billion rupees in the year-ago period. (bit.ly/2vLi1df)

Total expenses for the quarter surged 27 percent to 143.50 billion rupees.

($1 = 64.1850 Indian rupees)

Reporting By Arnab Paul in Bengaluru; Editing by Sherry Jacob-Phillips

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