Tata Steel Q1 net slumps, lags estimate

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 for the quarter ended June.

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

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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.