Saturday, Nov 29, 2014

India’s Tata Steel Q1 profit falls 70 per cent on provisions, tax expense

Net sales jumped 11 percent to 361.43 billion rupees, helped by an increase in European demand. (Reuters) Net sales jumped 11 percent to 361.43 billion rupees, helped by an increase in European demand. (Reuters)
Reuters | Mumbai | Posted: August 13, 2014 5:15 pm

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.

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.

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