India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the second quarter and the first half ended September 30 of the financial year 2012-13.
Tata Steel Group posted a net loss of INR 3.64 billion ($69 million) in the second quarter, compared to the net profit of INR 2.12 billion in the corresponding quarter of the previous financial year. The group's consolidated net sales in the given quarter saw an increase of 4.1 percent year on year to INR 341.3 billion ($6.5 billion).
In the first half of FY 2012-13, Tata Steel's net profit amounted to INR 2.34 billion ($44 million) down from a net profit of INR 55.6 billion in the first half of FY 2011-12. In the same period, the company's sales increased by 3.3 percent year on year to INR 679.6 billion ($12.86 billion).
According to Tata Steel Group's statement, its steel deliveries in the second quarter improved by 6.9 percent year on year to 6.07 million mt, while the first half steel deliveries declined by 3.5 percent to 11.74 million mt, compared to the corresponding half of the previous financial year.
Tata Steel's Indian operations continued their steady performance against a backdrop of lackluster demand in the market place and increasing imports. Ramp-up of the newly expanded capacity at Jamshedpur resulted in increased deliveries in a soft market.