Tata Steel's quarterly profit down 49.5%
Published: 28 Oct 2009 22:14:29 PSTOctober 28 MetalBiz--India's Tata Steel said on October 27 that it quarterly profit dropped about 50%on falling steel prices.
Tata steel's India operations posted it net profit dropped to 9.03bln rupees (U.S.$192mln) for fiscal Q2 from 17.88bln in the same period last year. Net sales also fell to 56.3bln rupees from 67.3bln.
However, Tata Steel also reported its sales volume increased to 1.46mln tons in the quarter and raw material consumption also jumped by 6.1% to 14.27bln rupees.
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