Tata Steel posts Rs 5,674-cr consolidated loss in Q4

Consolidated net sales fall 21% to Rs 33,340 cr; announces dividend of Rs 8 per share

Tata Steel Ltd reported on Wednesday a consolidated quarterly loss of Rs 5,674 crore for its fiscal fourth quarter to March 31. It had posted a net profit of Rs 1,036 crore in the same period a year ago.

Consolidated net sales for the quarter fell about 21% from a year earlier to Rs 33,340 crore, hit by weak steel prices and international demand.

The results follow the company's announcement last week of about Rs 5,000 crore non-cash charge in the fourth quarter, mainly related to its loss-making long products unit in the United Kingdom.
 

The steelmaker announced a dividend of Rs 8 per share.

 

Tata Steel, Europe's second-largest steelmaker, has been in talks with Geneva-based Klesch Group for the sale of its European long-products unit and said last week said it would take the impairment charge.

($1 = 63.8406 rupees)