New Delhi: Country’s largest steel maker Steel Authority of India (SAIL) has reported a net loss of Rs 1,055.96 crore for the July-September quarter of the current financial year, hit by depressed steel prices and fall in sales in the aftermath of an onslaught of cheap imports from China, Japan and Korea.
The steel maker had reported a net loss of Rs 321.64 crore in Q1. The company had posted a net profit of Rs 649.49 crore in the same period of the previous year. Total income declined 20.7 per cent to Rs 9,387.55 crore during the quarter under review from Rs 11,840.64 crore in the same quarter in the last fiscal.
SAIL shares closed at Rs 47.10 a piece, down 3.98 per cent from its previous on BSE. "SAIL's financial performance has suffered mainly due to lower sales realisation which dropped by 24 per cent in the second quarter of FY16, over same quarter last year (corresponding to around Rs 7,500 per tonne) and a decline in sales by 6.7 per cent," the company said in a statement. Sales in the long product segment registered 20 per cent growth.
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