Arab Today, arab today india\s tata steel q4 net profit dives 90 percent
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

India\'s Tata Steel Q4 net profit dives 90 percent

Arab Today, arab today

Arab Today, arab today India\'s Tata Steel Q4 net profit dives 90 percent

Mumbai - AFP

India\'s Tata Steel, the world\'s seventh-largest steelmaker, said Friday quarterly net profit plunged 90 percent from a year earlier, hit by high input costs and falling demand in its key European market. Tata Steel reported consolidated net profit slid to 4.33 billion rupees ($80 million) for the three months to March from 41.76 billion rupees in the same period a year earlier. Sales rose by just over one percent to 339 billion rupees from 338 billion rupees reported a year go. \"Steel demand in emerging markets increased but it dropped in Europe towards the end of the quarter on the back of the eurozone crisis,\" Tata Steel\'s chief financial officer Koushik Chatterjee told reporters in Mumbai. High costs of important raw materials such as iron ore and coal also hurt operations, Chatterjee added. Steelmakers around the world have been suffering from a slowdown in demand as industrial growth loses pace in emerging economies such as India and China and growth remains sluggish in advanced economies. Europe accounts for around two-thirds of sales and production for the steelmaker which has an annual capacity of some 28 million tonnes. Chatterjee forecast that global steel demand would improve in the current fiscal year with raw material prices stabilising. Profit in the fourth quarter a year earlier was boosted by a one-time gain from the sale of a plant in Britain. Stripping out the gain, the drop in quarterly net profit would have been 77 percent, the company said. The company, part of the sprawling Tata Group conglomerate, became one of the world\'s biggest steelmakers after purchasing Anglo-Dutch company Corus for $13.7 billion in 2007. Europe-based Corus was rebranded as Tata Steel in September 2010. For the full year to March, Tata Steel said its profit tumbled by 40 percent to 53.89 billion rupees ($997 million) from 89.83 billion rupees a year earlier. Chatterjee said capital expenditure would rise to $2.5 billion this year from $2.2 billion last year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india\s tata steel q4 net profit dives 90 percent Arab Today, arab today india\s tata steel q4 net profit dives 90 percent

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india\s tata steel q4 net profit dives 90 percent Arab Today, arab today india\s tata steel q4 net profit dives 90 percent

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday