Left Menu
Development News Edition

SAIL reports Rs 343 cr loss in Dec qtr


SAIL reports Rs 343 cr loss in Dec qtr

The country's largest steel maker Steel Authority of India on Friday reported Rs 343.57 crore consolidated net loss for the third quarter ended December 31, mainly on account of increased expenses. The company had a net profit of Rs 638.79 crore during the same quarter a year ago, the state-run firm said in a BSE filing.

During October-December 2019, the company's total income was Rs 16,714.87 crore as against Rs 15,906.68 crore in the year-ago quarter. Its total expenses were at Rs 17,312.64 crore, higher from Rs 14,937.13 crore in October-December 2018.

In a statement, SAIL said, despite the reduction in prices, the company has been able to achieve higher revenue. The production was at 3.9 million tonne, while sales stood at 4.1 MT, up 3 per cent and 26 per cent, respectively, over the same period last year, it said.

"Reduction in prices, which has hurt the financial performance of all major domestic steel producers during the quarter, impacted the profitability of SAIL as well with the company posting a (standalone) net loss of Rs 429.62 crore in third quarter of FY20," the company said. SAIL Chairman Anil Kumar Chaudhary said in the statement that it was a challenging quarter for the entire industry. Financial performance of all major producers was impacted during the period.

"Despite lower steel prices amidst stiff competition during the third quarter, we could achieve significant growth in sales and saleable steel production. The recent improvement in the market conditions combined with the efforts towards cost reduction, we are hopeful of doing better in the fourth quarter," he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

Videos

Latest News

US STOCKS-Indexes fall, led by tech decline on mounting fears coronavirus could spread

U.S. stocks fell on Thursday, led down by technology heavyweights, after reports of new coronavirus cases in China and other countries intensified fears over its spread and impact on the global economy.Investors were unnerved by a quick, sh...

WRAPUP 9-South Korea city deserted after coronavirus 'super-spreads' through church

The streets of South Koreas fourth-largest city were abandoned on Thursday, with residents holed up indoors after dozens of people caught the new coronavirus in what authorities described as a super-spreading event at a church. The deserted...

FACTBOX-China takes major steps to prop up coronavirus-hit economy

Chinese policymakers have implemented a raft of measures to support an economy jolted by a coronavirus outbreak that is expected to have a devastating impact on first-quarter growth. The Peoples Bank of China PBOC is attempting to restore i...

UPDATE 13-Stone sentenced to 3-1/3 years, Trump signals no immediate pardon for adviser

A federal judge on Thursday sentenced President Donald Trumps long-time adviser Roger Stone to three years and four months in prison and said his lies to lawmakers investigating Russian interference in the 2016 U.S. presidential election am...

Give Feedback