Europe ops pull Tata Steel into red
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Tata Steel on Friday reported a consolidated net loss of Rs 363.93 crore in the second quarter of this fiscal due to weak market conditions in Europe and lower steel prices in India.
In the same quarter last year, it had posted a profit of Rs 212.43 crore. The company's consolidated net sales grew marginally by 4.1 per cent to Rs 33,867.32 crore from Rs 32,507.45 crore in the same period last fiscal.
The company, which sold 6.07 million tonne steel during the July-September quarter against 6.11 million tonne a year ago, had clocked Rs 212 crore net profit in the second quarter of the last fiscal, the world's twelfth largest steel maker said in a statement.
Subdued steel price in Europe in the face of lower demand not only dragged the operating profit of its European unit down to a loss of Rs 40 crore but also caused a decline in the group's operating profit at Rs 2,453 crore from Rs 3,021 crore a year ago.
The Indian operations, on the other hand, put up a much better show at Rs 2,669 crore.