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.
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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.