SAIL records net loss in FY 2015-16

Tuesday, 31 May 2016 10:54:02 (GMT+3)   |   Istanbul
       

Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the fourth quarter and the full financial year of 2015-16, ended March 31.
 
Accordingly, in the fourth quarter, SAIL recorded a net loss of INR 12.3 billion ($183 million) compared to a net profit of INR 3.34 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 112.1 billion ($1.66 billion), down 2.24 percent year on year.
 
Meanwhile, in the full financial year, the company registered a net loss of INR 41.37 billion ($615.5 million) compared to a net profit of INR 20.9 billion in the previous financial year. In the given year, SAIL’s net sales revenue decreased by 15 percent year on year to INR 385.2 billion ($5.73 billion). 
 
In the fourth quarter, SAIL achieved its highest-ever quarterly crude steel production volume of 3.27 million mt, rising by 30 percent quarter on quarter and by 20 percent year on year. In the full financial year, the company produced 14.3 million mt, up 38.3 percent compared to the previous financial year.

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