Tata Steel posts net loss of Rs 602 cr in Q3

Posted By: Religare
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Tata Steel posts net loss of Rs 602 cr in Q3
The world's second most geographically diversified steel producer, Tata Steel Ltd., said it posted a net loss of 602.67 crore in the third quarter ended December 31, 2011.

The global steel maker said that the loss was led by the higher raw material costs and weak prices in Europe. The persistent sovereign debt crisis in Europe and slowing economic growth in top consumer China dented demand followed by slump in global crude steel production affected the performance of the company.

The company had posted a net profit of Rs 1,003.02 crore during the same period a year ago, said Tata Steel in its filing to the Bombay Stock Exchange on February 9, 2012.

Besides, the total income of the company increased marginally by 14.68 per cent to Rs 33,241.37 crore during Q3 FY12, as compared to Rs 28,985.12 crore during Q3 FY11.

Despite the company slipping into a loss in the third quarter, shares jumped by 4.97 per cent to trade at Rs 473.55 a piece on BSE.

Read more about: tata steel, bse, economy
Story first published: Friday, February 10, 2012, 13:32 [IST]
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