Tata Steel profit falls 70 pc on provisions, tax expense
Aug 13 2014 , Mumbai
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.