JSW Steel in red on forex turbulence, suffers Rs382-crore quarterly loss
2 Aug 2013 5:03 AM IST
JSW Steel on Wednesday reported a consolidated net loss of Rs 381.82 crore for the quarter ended 30 June, 2013, mainly due to hefty foreign exchange loss of Rs 862 crore.
The Sajjan Jindal-led company had reported a net profit of Rs 49.65 crore in April-June quarter of 2012-13.
The total income from operations showed a marginal increase of 3.64 per cent at Rs 10,270.66 crore in the quarter under review, the company said in a statement.
JSW Steel, however, said: ‘These results are reported after giving effect to the scheme of amalgamation and arrangement between the company and JSW Ispat Steel and others, which became effective on 1 June, 2013.’ The total expenses of the steel maker increased by 7.10 per cent in the first quarter of the current fiscal at Rs 9141.57 crore against Rs 8534.81 crore during the same period a year ago.
The Sajjan Jindal-led company had reported a net profit of Rs 49.65 crore in April-June quarter of 2012-13.
The total income from operations showed a marginal increase of 3.64 per cent at Rs 10,270.66 crore in the quarter under review, the company said in a statement.
JSW Steel, however, said: ‘These results are reported after giving effect to the scheme of amalgamation and arrangement between the company and JSW Ispat Steel and others, which became effective on 1 June, 2013.’ The total expenses of the steel maker increased by 7.10 per cent in the first quarter of the current fiscal at Rs 9141.57 crore against Rs 8534.81 crore during the same period a year ago.
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