Tata Steel net down 56.4 percent

January 28th, 2009 - 5:48 pm ICT by IANS  

New Delhi, Jan 28 (IANS) Tata Steel Wednesday reported 56.4 percent year-on-year decline in net profit in the third quarter this fiscal. The company posted Rs.4.66 billion (Rs.466.24 cores/$103.6 million) net profit for the quarter, compared to Rs.10.68 billion in the corresponding period last year.

The total sales during the October-December period stood at Rs.47.35 billion, down from Rs.49.28 billion a year ago.

The company said it suffered loss to the tune of Rs.1.26 billion in the quarter due to currency rate fluctuations. In the year-ago quarter, it was Rs.479.2 million.

However, Tata Steel reported 7.5 percent increase in net profit for the the first nine months this fiscal at Rs.37.42 billion as against 34.81 billion in the corresponding period last year.

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