Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its unaudited financial results for the third quarter ended December 31 of the financial year 2015-16.
Accordingly, SAIL recorded a net loss of INR 15.28 billion ($224.58 million) compared to a net profit of INR 5.8 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 88.05 billion ($1.29 billion), down 19.78 percent year on year.
Meanwhile in the first nine months of the given financial year, the company registered a net loss of INR 29.06 billion ($427.14 million) compared to a net profit of INR 17.58 billion in the same period of the previous financial year. SAIL’s net sales revenue decreased by 19 percent to INR 273.01 billion ($4.01 billion) year on year.