Indian Steel major, JSW Steel reported a Rs 669 crore consolidated net loss for the second quarter ended September 30, 2011. Reason taking a whopping Rs 662 crore hit due to foreign exchange fluctuation, coupled with the poor performance of associate firm JSW Ispat.
The JSW Steel had clocked a net profit after tax, after share of profits of minority and associates, of Rs 373.26 crore in the corresponding period a year ago,
The net loss for the September quarter of Rs 669 crore (after considering loss of Rs 755 crore of associate, including exceptional, item of Rs 662 crore) was mainly due to loss attributable to JSW Ispat Steel for the quarter ended June 30 and September 30, 2011.
The net loss incurred by JSW Ispat during the September quarter stood at Rs 345 crore, including an exceptional forex translation loss of Rs 95 crore.
JSW Steel's net sales jumped by 38% to Rs 8,134 crore during the September quarter from Rs 5,908 crore in the year-ago period.
The JSW Steel had clocked a net profit after tax, after share of profits of minority and associates, of Rs 373.26 crore in the corresponding period a year ago,
The net loss for the September quarter of Rs 669 crore (after considering loss of Rs 755 crore of associate, including exceptional, item of Rs 662 crore) was mainly due to loss attributable to JSW Ispat Steel for the quarter ended June 30 and September 30, 2011.
The net loss incurred by JSW Ispat during the September quarter stood at Rs 345 crore, including an exceptional forex translation loss of Rs 95 crore.
JSW Steel's net sales jumped by 38% to Rs 8,134 crore during the September quarter from Rs 5,908 crore in the year-ago period.
