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JSW Steel reports Rs 923-cr Q3 loss on one-time charge

JSW Steel, which had reported a net profit of Rs 329 crore in the year-ago quarter, said the latest consolidated results included a one-off charge of Rs 2122 crore on impairment of assets.

Promit Mukherjee        Last Updated: January 29, 2016  | 16:13 IST
JSW Steel reports Rs 923 cr loss in Q3

JSW Steel reported a consolidated net loss of Rs 923 crore ($136 million) for the December quarter hurt by a one-time charge and as the steel sector struggles with weak demand and high debt.

JSW Steel, which had reported a net profit of Rs 329 crore in the year-ago quarter, said the latest consolidated results included a one-off charge of Rs 2,122 crore on impairment of assets.

Consolidated net sales fell about a third from a year earlier to Rs 8,621 crore for its fiscal third quarter to December 31, JSW Steel said in a regulatory filing on Friday.

($1 = Rs 67.8600)

(Reuters)

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