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Tata Steel posts Q3 loss on rising costs

business Updated: Feb 09, 2012 20:57 IST
HT Correspondent

Tata Steel on Thursday reported a consolidated loss of Rs 603 crore for the third quarter ended December 31 as against a net profit of Rs 1,003 crore for the corresponding quarter in the previous fiscal on account of increased costs.

The company’s total expenditure increased by Rs 5,758 crore to Rs 32,550 crore in the current quarter against the corresponding quarter a year ago.

The raw material cost jumped by around 21% to Rs 12,619 crore since December 2010. The company’s total operating income increased by Rs 4,014 crore to Rs 33,103 in the current quarter.

However, the company’s nine months compiled performance in the current financial year was better than the year earlier period. Tata Steel posted a profit of Rs 4,956 crore in first nine months ended December 2011 against a profit of Rs 4,808 crore as on December 2010, that is a jump by about 3%.