Other income stood at Rs 2,938.2 crore for the quarter, significantly higher compared to Rs 321.5 crore in year-ago period, which included a gain of Rs 2,808.29 crore on sale of investments, group finance director Koushik Chatterjee told reporters here.
"Our consolidated performance has been impacted by weak economic environment, relative currency movements and a surge in imports in key geographies such as Britain, India and Europe. In these challenging times, we have continued our efforts to strengthen our operations, widen and deepen the marketing franchise and manage the balance sheet effectively," Chatterjee said.
The domestic operations were better than analysts' expectations but European operations were disappointing due to sharp deterioration in market conditions, especially in Britain which reported an EBITDA loss during the quarter.
The Tata Steel counter closed over 4.3 per cent at 225.60 on the BSE, whose main gague Sensex was down over 0.9 per cent.
Tata Steel Europe head Karl-Ulrich Kohler said, "our operations have turned negative this year, reflecting huge challenges the global steel industry. In Britain these issues have been compounded by unhelpful exchange rates and regulatory costs that are destroying competitiveness.
"We've made three restructurings in Britian alone since July leading to reduced volumes and costs. We are working with the British government to urgently secure a more competitive trade and regulatory environment and we will support our employees affected by restructuring," Kohler said.