Tata Steel profit falls 70 pc on provisions, tax expense

Tags: Companies
Steel producer Tata Steel Ltd's first quarter consolidated net profit slumped 70 per cent, hurt by provisions for impairment of non-core assets and a higher tax expense.

The company posted net income of 3.37 billion rupees($55.01 million) in the three months ended June 30, compared with 11.39 billion rupees a year earlier.

Net sales jumped 11 percent to 361.43 billion rupees, helped by an increase in European demand.

The company's management has intensified cost cuts and focused on high-margin products to boost sales at Tata Steel Europe, which contributed close to 57 percent of the company's total steel production last year.

EDITORIAL OF THE DAY

  • The rich are showing interest, artie folks don’t seem enthused

    On the face of it, Pichvai, the 400-year-old dying art, has got a new patron in Nita Ambani.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

North Korea shakes up Manchuria

North Korea, officially the Democratic People’s Republic of Korea (DPRK), ...

Zehra Naqvi

Tree of life

Stories of trees that think, learn and speak are safely ...

Dharmendra Khandal

Let's leave bird songs to birds

The questions floating amongst wildlife enthusiasts these days are: Should ...