Mumbai: Tata Steel, the world’s seventh-largest steel maker by output, on Thursday reported a June quarter net profit, but lagged market expectations as demand remained sluggish at European unit Corus.
The steel maker reported a net profit after minority interest and share of profit of associates of Rs1, 825 crore ($389.1 million) for its fiscal first quarter ended June, compared with a consolidated net loss of Rs2,210 crore a year ago.
Net sales were Rs27,195 crroe compared with Rs23,290 crore a year earlier.
A Reuters survey of six brokerages had forecast a net profit of Rs2,000 crore for the quarter, on net sales of Rs27,810 crore.
Shares in Tata Steel, valued by the market at $10.6 billion, have declined about 13% so far in 2010, compared with a 4% rise in India’s benchmark index.