TATA Steel announces Q1 results - Down by 46pct YoY
TATA Steel Ltd has announced the following Audited results for the quarter ended June 30th 2009:
The Company has posted a net profit of INR 7898.3 million for the quarter ended June 30th 2009 as compared to INR 14884.0 million for the quarter ended June 30th 2008.
Total Income has decreased from INR 61651.4 million for the quarter ended June 30th 2008 to INR 56618.9 million for the quarter ended June 30th 2009.
Mr B Muthuraman MD of TATA Steel said, “In the last quarter both raw material prices and steel prices had crashed. This quarter, raw material prices have fallen but steel prices have risen. We are expecting TATA Steel India’s revenues to be 22% in the second quarter of 2009.”
TATA Steel would be announcing the consolidated earnings, including data from Corus, at the end of August.
He added that “We are going to cut down cost and increase capacity utilization at Corus UK and Europe”
Mr Muthuraman also said that volumes and prices had seen a marginal recovery but the trend was similar to previous quarters in Europe.
Wednesday, July 29, 2009
TATA Steel announces Q1 results - Down by 46pct YoY
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