Tata steel net down 60 percent

Friday, 26 June 2009, 15:25 IST   |    1 Comments
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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 49.51 billion ($1 billion) in 2008-09, down from 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 40.95 billion, the statement said. Consolidated net sales during the year rose to 1.46 trillion from 1.31 trillion in 2007-08.
Source: IANS