Indian steel giant Tata Steel’s Thai subsidiary Tata Steel Thailand has announced its consolidated financial results for the financial year 2016-17, ended March 31.
Accordingly, in the financial year 2016-17, Tata Steel Thailand recorded net sales of THB 19.7 billion ($575.8 million), up 18 percent compared to the previous financial year, mainly due to higher wire rod sales and the improvement in selling prices due to the increasing trend of global long steel product prices.
In the given year, Tata Steel Thailand achieved a net profit of THB 213.75 million ($6.25 million), increasing by 38.6 percent year on year. The better performance was attributable to improved selling prices and lower conversion and financing costs.
In the financial year 2016-17, Tata Steel Thailand’s sales volume totaled 1.26 million mt, rising by 10 percent compared to the financial year 2015-16.