India’s JSPL sees reduced net loss in December quarter

Friday, 04 March 2016 15:50:16 (GMT+3)   |   Istanbul
       

Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the third quarter ended December 31 of the financial year 2015-16.
 
In the three months in question, JSPL registered a net loss of INR 5.85 billion ($87.17 million) compared to a net loss of INR 16.75 billion in the same period of the previous financial year. JSPL’s EBITDA declined to INR 5.5 billion ($81.9 million) compared to the EBITDA of INR 14.53 billion recorded in the same quarter of the previous year.
 
According to JSPL's statement, during the quarter in question its steel production increased by 19 percent to 1.07 million mt, while its steel sales rose by 23 percent to 990,000 mt, both compared to the same quarter of the previous financial year.
 
JSPL stated that the minimum import price (MIP) introduced by the government is a step in the right direction to protect domestic steel manufacturers from the onslaught of unrelenting imports from China and other countries. According to JSPL, with the introduction of the MIP, imports should abate, steel prices in India should stabilize and should help steel manufacturers to optimally utilize their capacities and help in generating additional cash flows. JSPL also stated that, with the government's focus on accelerated infrastructure spending, demand for steel is expected to pick up in the near future and this should help JSPL to increase its capacity utilization and generate additional revenues in the next financial year and beyond.

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