Wednesday, July 29, 2009

Tata Steel net profit dips 46 percent

Steel major Tata Steel's net profit fell 46.93 percent in the quarter ended June 30 to Rs.789.83 crore ($163 million) from Rs.1,488.4 crore in the like period last year.

Total income of the company decreased 8.16 percent to Rs.5,661.89 crore during the quarter from Rs.6,165.14 crore a year earlier.

The earnings per share stood at Rs.9.61 as compared to Rs.18.11 in the year-ago period.

A major drop in earnings was seen in the company's ferro alloys and minerals business with revenues dropping to Rs.357.32 crore from Rs.828.62 crore in the first quarter of 2008-09.

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