Indian state-owned steelmaker Steel Authority of India Limited (SAIL) has announced that in the first quarter ended June 30 of the financial year 2016-17 it recorded a net loss of INR 5.35 billion ($80.27 million), compared to a net loss of INR 2.48 billion in the same period of the previous financial year. In the given period, SAIL's net sales amounted to INR 92.38 billion ($1.38 billion), falling 2.68 percent year on year.
In the given quarter, SAIL’s saleable steel production increased by 11 percent year on year to 3.43 million mt. The company witnessed a four percent growth in overall sales in the June quarter, mainly contributed by long products which recorded an eight percent increase, both compared to the same period of the previous year.
SAIL stated that, owing to several cost reduction initiatives and ramping up of production from the new efficient mills, the company reduced its costs by 10 percent in the given quarter, compared to the same period of the financial year 2015-16.