Tata steel Q3 net down at $171.30M

By agencies   |   Tuesday, 24 January 2006, 08:00 Hrs
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MUMBAI: Tata Steel Ltd reported a 15 percent decline in its net profit at $171.30 million for the third quarter of the current financial year against $202.38 million in the corresponding period last year.

Rising raw material costs, coupled with a fall in steel prices, eroded profits, analysts and company officials said. The company’s sales increased to $951.18 million ($929.65 million).

The company's Managing Director, B Muthuraman said, “2006 would continue to be a good year for steel companies. During the nine-month period, the steel major had reported a higher net profit of $618.925 million against $583.08 million in the year-ago period. Nine-month sales stood at $2850.39 million ($2637.21 million).

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