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Tata Steel earnings growth flat on higher interest cost(The Hindu Business Line 1st Feb 2008)Hit by higher interest cost and a marginal fall in production, Tata Steel posted a flat growth in net profit at Rs 1,069 crore for the quarter ended December 31, 2007 compared with Rs 1,064 crore for the same period a year ago.
The result does not include that of the Anglo-Dutch Corus Group, which Tata Steel bought for $12.9 billion last year. Consolidated results with Corus would be furnished at a later date, said a senior company official.
Steel production for the quarter was down to 12,45,926 tonnes, against 12,89,822 tonnes logged during the year ago period. Sales for the quarter remained flat at 12,43,500 tonnes (12,34,404 tonnes).
Interest cost soared over 597 per cent to Rs 363 crore from Rs 52 crore. More
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