Essar Steel posts Rs 106 cr loss

MUMBAI, OCT 30: Essar Steel of the Ruias has posted a net loss of Rs 106.22 crore in the first half in line with the downtrend in steel industry despite recording a marginal increase in its turnover. The company has blamed the recent floods in Hazira for the production and sales loss.

The firm’s H1 sales increased to Rs 1,087.91 crore against Rs 1,083.87 crore in the same period of the previous year. In the same period of last year, Essar Steel had posted a Rs 16.53 crore net profit. Other income shot up to Rs 42.95 crore as compared with Rs 2.66 crore last year, due to prior period adjustment of exchange fluctuation relating to advance on long-term supply contract.