JSW Steel net loss widens to Rs 74 cr
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JSW Steel's consolidated net loss widened to R74 crore for the quarter ended December 31 mainly on account of poor performance by associate firm JSW Ispat and R268-crore hit due to exchange fluctuation. The company had recorded R48 crore net loss after tax and after share of profits of minority and associates in the corresponding period a year ago, it said.
"The consolidated loss of R74 crore for the quarter was primarily due to losses reported by associate company JSW Ispat Steel," the company said in a statement.
The net loss incurred by JSW Ispat during the quarter stood at R131 crore. "Net loss (for JSW Ispat) was R131 crore after considering forex loss of R83 crore on restatement of foreign currency monetary items which was considered by the company as an exceptional item," the statement said.
Due to the significant movement in the value of the rupee against US dollar, the net foreign exchange gain/loss has been considered by the company as an exceptional loss, it added. The forex loss during the quarter stood at R268 crore.