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Steel Authority Of India Posts 10th Straight Quarterly Loss

Net loss came in at 5.39 billion rupees ($82.96 million) in the quarter ended September 30, compared with a loss of Rs 7.32 billion in the year-ago period

Photo Credit : Reuters

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Steel Authority of India posted a narrower second-quarter loss on Thursday, the tenth straight loss in a row.

Net loss came in at 5.39 billion rupees ($82.96 million) in the quarter ended Sept. 30, compared with a loss of 7.32 billion rupees in the year-ago period.

Analysts on average had expected the state-run company to post a loss of 2.73 billion rupees, according to Thomson Reuters data.

Quarterly revenue from operations was up about 8 percent at 136.17 billion rupees, while total expenses rose 2.7 percent to 141.09 billion rupees.

(Reuters)


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