Tata Steel quarter net loss of $ 476 million ten year expansion
One of the world's largest steel maker Tata Steel (Tata Steel Ltd.) 12 announced reported earnings, the company's net loss for the first quarter year on year to expand tenfold because of declining demand as well as by the United Kingdom by the NBM impact damage and other factors.
The report shows that in the quarter ended June 30, the company's revenue fell 5 percent to 263.32 billion Indian rupees, mainly due to the impact of declining demand. Net loss of 31.83 billion Indian rupees (US $ 476 million), compared with a year earlier net loss of 31.7 billion rupees, contrary to analyst expectations. Thomson Reuters survey, analysts on average had expected net profit this quarter was 18.8 billion rupees.
The first-quarter net loss from discontinued operations was 33.55 billion Indian rupees, compared with 33.9 billion rupees a year earlier. The loss from the divestiture of part of British Steel's business, the company in April said it wanted to sell its UK Emergency mills, including Port Talbot in Wales (PortTalbot) largest steel mills. Tata Steel has more than half of the revenue from the European market, but the decline in steel demand and rising costs led to its European division has become a drag on the company's overall performance.
Meanwhile, Tata Steel in the Indian domestic market's performance is somewhat better first-quarter net profit of its Indian operations was 57.5 billion rupees, up 35 percent from 4.25 billion Indian rupees a year earlier.
Before the earnings announcement, Tata Steel shares in the Indian domestic market closed down 5.3 percent, reported 373.60 INR.