SAIL Q3 net loss at Rs 1,529 crore on low income, import surge

SAIL

Lower sales on account of “huge surge in imports of low-priced steel” from countries including China saw steel giant SAIL log a massive Rs 1,528.7 crore stand-alone net loss for the December quarter.

The country’s largest steelmaker had reported a profit of Rs 579.1 crore in the same quarter last fiscal.

The total income of the Steel Authority of India Ltd (SAIL) dropped 19.5 per cent to Rs 8,939.1 crore during the quarter as against Rs 11,107.3 crore last fiscal.

Total expenses were marginally up at Rs 10,779.7 crore during October-December as against Rs 10,370.9 crore in the year-ago period.

– more @ financialexpress

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