Uttam Galva Steels net loss widens to Rs 531 cr in Q3

Uttam Galva Steels Tuesday reported widening of net loss to Rs 530.72 crore for December quarter 2018 due to increased finance costs and decline in income. The company had posted a net loss of Rs 179.96 crore during October-December 2017, Uttam Galva Steels said in a BSE filing.

Total income plunged to Rs 100.05 crore in the latest quarter from Rs 680.48 crore in the year-ago period, according to the filing. The company's finance costs zoomed to Rs 291.93 crore in the period under review from Rs 121.31 crore in December quarter 2017.

According to the company's website, Uttam Galva Steels is one of the largest manufacturers of cold rolled steel and galvanized steel in western India. The company is into the business of procuring hot rolled steel and processing it into cold rolled and further into galvanized steel and colour coated coils.

Shares of Uttam Galva Steels ended 4.92 per cent down at Rs 11.20 apiece on BSE.

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