Tata Steel Q1 net sales fall 17% on cheaper imports

Tata Steel on Tuesday posted a 17 per cent drop in consolidated net sales for the April-June quarter, as a flood of cheaper imports hit steel prices.

The company 's net profit for the period ended June 30 more than doubled to Rs 763 crore ($118.82 million), on a consolidated basis, from Rs 337 crore a year earlier.

The profit was helped by a one-time gain of Rs 158 crore compared with an charge of Rs 262 crore in the year-ago quarter.

Consolidated net sales for the quarter fell to Rs 2,990 crore.

($1 = Rs 64.2150)

(Reuters)