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Tata Steel consolidated July-Sept net loss at $584.7 mn
Tata Steel, the world's No 8 steelmaker by output, reported a consolidated quarterly net loss on Thursday, hurt by the weak performance of its European unit Corus.
Tata Steel , the world's No 8 steelmaker by output, reported a consolidated quarterly net loss on Thursday, hurt by the weak performance of its European unit Corus.
Tata Steel, which bought No 2 European steelmaker Corus in 2007, said its consolidated July-September net loss was Rs 27.07 billion (USD 584.7 million), after minority interest and share of profit of associates, compared with a profit of Rs 47.72 billion a year earlier.
Consolidated net sales fell to Rs 252.70 billion from Rs 441.99 billion a year earlier.
Last month, the firm said its Indian operations' net profit fell 49.5%.
Shares in Tata Steel, valued at USD 10.7 billion, extended losses to 5.2% at Rs 533.10 after the results, while the main index was down 1.8%.
The firm's shares have leapt 150% this year, better than a 77% jump in the main index.
