Tata Steel posts net loss for Q3 FY 2011-12

Friday, 10 February 2012 11:16:39 (GMT+2)

India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the third quarter and the first nine months ended December 31 of the current Indian financial year.

Tata Steel Group's net profit was $934 million in the nine months ended December 31, compared to $906 million in the corresponding period of the financial year 2010-11. For the third quarter, the group registered a net loss of $114 million compared to a net profit of $189 million in the same quarter of the previous year.

The group's consolidated turnover in the first nine months saw an increase of 16.4 percent year on year to $18.64 billion. In the given period, Tata Steel Group's EBITDA was $2.5 billion. The group's steel deliveries in April-December increased by 0.8 percent to 18.01 million mt.

Turnover in Tata Steel Europe's turnover for the first nine months increased by 18.9 percent year on year to $11.73 billion, while its EBITDA was at $308 million, down by 37.9 percent year on year.

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