JSW Steel Ltd, one of the largest steel companies in India, reported an 84% drop in net profit for the period from July to September 2015. The reason for such a serious loss of income in the company was called weak demand for steel and high debts, on which JSW Steel has to pay interest.
Meanwhile, the company managed to avoid the losses expected by experts after cutting costs.
JSW Steel, which is considered one of the lowest cost steelmakers in the world, reported consolidated net income of Rs 1.17 billion (approximately US $ 17.96 million) in the second quarter versus Rs 7.49 billion a year ago.
Thomson Reuters analysts had expected JSW Steel to post a net loss of Rs 1.65 billion.
Net sales of the Indian steel company fell 21.5 percent to Rs 107.43 billion.
JSW Steel reduced its net profit seven times, but remained in positive territory
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Azovpromstal® 21 October 2015 г. 16:18 |
