Tata steel net down 60 percent
By IANSThursday, June 25, 2009
NEW DELHI - Tata Steel, India’s largest steel producer, Thursday reported 60 percent fall in its consolidated profit for 2008-09.
The steel major’s net profit stood at Rs.49.51 billion ($1 billion) in 2008-09, down from Rs.123.5 billion recorded the year before, the company said in a regulatory statement.
The company attributed the huge fall in profits to the costs to restructure operations at its British unit Corus. It incurred a restructuring cost of Rs.40.95 billion, the statement said.
Consolidated net sales during the year rose to Rs.1.46 trillion from Rs.1.31 trillion in 2007-08.
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