Tata Steel Q1 net slumps, lags estimate

  • Reuters, Mumbai
  • |
  • Updated: Aug 13, 2012 19:23 IST

Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market. 

Net profit after minority interest and share of associates was Rs. 5.98 billion ($108 million) for the quarter ended June, compared with a profit of Rs. 53.5 billion, including one-time gains of about Rs. 40 billion, a year earlier.

A Reuters poll of brokerages had forecast net profit of Rs. 6.7 billion.

Shares in Tata Steel, valued at $7 billion, closed down 1.2% ahead of the results.

 

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