India’s Jindal Stainless may post first annual loss in FY 2009

India's largest stainless steel producer Jindal Stainless Ltd (JSL) has said that the company may register a loss in the fiscal year ended March 2009.
 
In a statement on the issue, JSL's director of corporate affairs, N C Mathur, said, "For the first time in our history we may post a loss for the financial year ended March 2009, mainly due to our high cost nickel inventory amid the slump in demand for our products.". However, Mr Mathur did not specify the possible extent of the loss.
 
Mr Mathur added, "We resorted to cost cutting and extended shutdowns to tide over the turbulent times. This would have an impact on our revenue as well. We expect it to be around Rupees 50 billion (approx $1 billion) for FY 2009."
 
The company also implemented temporary shutdowns at its plants during FY 2009 in a bid to cut down both inventories and production.
 
JSL posted a loss of Rupees 3.784 billion ($76 million) for the third quarter of FY 2009.