SAIL’s net loss widen to Rs534.92 crore in Q1
New Delhi: India’s largest steelmaker Steel Authority of India (Sail) on Thursday reported widening of its standalone net loss to Rs534.92 crore for the quarter ended 30 June 2016. The state-run company had posted a net loss of Rs248.24 crore in the year-ago period, it said in a BSE filing.
Total standalone income of the Maharatna firm declined by 3% to Rs9,238.08 crore in April-June quarter this fiscal from Rs9,493.11 crore during the same quarter in 2015-16. Its total expenses were lower at Rs9,604.52 crore from Rs9,856.23 crore during the period under review.
While, net sales from Bhillai, Durgapur, Bokaro and Vivesvaraya Iron and Steel declined, income from Rourkela, IISCO Steel, Alloy Steels and Salem were higher.
In the case of profits, Bokaro Steel plant was the steel giant’s only unit which came out of the red and posted a profit. Its largest facility, Bhillai Steel posted a decline in profits, while Rourkela and Vivesvaraya reported widening of their losses. Its other units ISSCO Steel, Alloy Steels and Salem reported narrowing of their losses.