Tata Steel net rises after Corus earnings

Friday, August 29, 2008 at 11:08 am under Indian Stock Market Tata Steel net rises after Corus earnings

Tata Steel on Thursday (August 28) said that its consolidated net profit, including earnings of Corus, rose 62.49% to Rs 3,914.62 crore in the quarter ended June 30.

On July 31, the company had announced a net profit of Rs 1,488.40 crore for the quarter under review but that did not reflect results of its UK operations — Anglo-Dutch steel maker Corus, which it acquired last year.

Income from the company’s UK operations and subsidiaries constitutes 74% of the consolidated total income, Tata Steel said in a filing to the Bombay Stock Exchange. The consolidated total income rose 39.18% to Rs 43,560.90 crore in the June quarter, from Rs 31,296.3 crore in the corresponding period previous fiscal.

For the quarter ended June 30, Tata Steel reported a 60.43% growth in profit after minority interest and share of profit of associates at Rs 3,900.90 crore, against Rs 2,431.50 crore in the same period last fiscal. Shares of Tata Steel closed at Rs 571.80, down 1.65% on the BSE. (PTI)

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