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JSW Steel Q3 net loss at Rs127.50 cr

JSW Steel Q3 net loss at Rs127.50 cr
PTI
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First Published: Wed, Jan 28 2009. 02 18 PM IST
Updated: Wed, Jan 28 2009. 02 18 PM IST
Mumbai: Sajjan Jindal-led JSW Steel Wednesday reported a net loss of Rs127.50 crore for the third quarter ended December 2008, while it had a net profit of Rs355.37 crore in the corresponding period last fiscal.
The total income of the steel major rose marginally to Rs2,826.74 crore for the quarter under review, from Rs2,822.74 crore in the same period last fiscal, JSW Steel said in a filing to the Bombay Stock Exchange.
During the nine-month period, JSW Steel posted a profit after tax of Rs409.30 crore, a 70% dip over the year-ago period. The firm had a PAT of of Rs1,358.01 crore in the third quarter of last fiscal.
The total income rose 35.4% to Rs10,829.62 crore during the nine-month period, from Rs7,998.41 crore in the year-ago period.
Besides, the board would also consider buying back of Foreign Currency Convertible Bonds (FCCBs) from the international bank.
The board has resolved to explore opportunities to buy back a portion of the company’s outstanding FCCBs, the company said.
Last month, the Reserve Bank of India had allowed firms to buy back FCCBs prematurely in rupees if they are at a minimum discount of 25% on the book value.
According to Reserve Bank of India guidelines, the buyback amount is limited to $50 million of the redemption value per company and the resources for the buyback must be drawn out of the firm’s internal accruals.
Shares of JSW Steel were trading at Rs181.20, down 6.57% in the late afternoon trade on the Bombay Stock Exchange.
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First Published: Wed, Jan 28 2009. 02 18 PM IST