Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the third quarter ended December 31 of the financial year 2017-18.
In the three months in question, JSPL registered a net loss of INR 2.77 billion ($43.51 million) compared to a net loss of INR 4.55 billion in the same period of the previous financial year. JSPL’s EBITDA increased to INR 16.06 billion ($252.27 million) compared to the EBITDA of INR 12.77 billion recorded in the same quarter of the previous year.
According to JSPL's statement, during the quarter in question its crude steel production increased by 21 percent to 1.39 million mt, while its steel sales rose by 17 percent to 1.36 million mt, both compared to the same quarter of the previous financial year.
JSPL stated that in the third quarter it completed the construction of the basic oxygen furnace at its Angul plant, which will quadruple the steel production at the plant.
Meanwhile, the company also stated that in the given period its Oman-based subsidiary Jindal Shadeed achieved production of 240,000 mt at its rebar mill and even started exporting rebar to countries outside the Gulf Cooperation Council (GCC) region.