SAIL’s profit declines ₹1,528 crs due to cheaper imports & weak demand

SAIL Profit..

Cheaper imports and weak demand resulting in a sharp fall in steel prices in the domestic market bled Steel Authority of India Ltd with a net loss of ₹1,528 crore for the third quarter of fiscal 2015-16 versus a a net profit of ₹579 crore in the same quarter last year. With this, SAIL has reported a net loss in all the three quarters of FY16. For the nine month period its net loss stood at ₹2,906 crore. In the same period last fiscal, it had a net profit of ₹1,758 crore.

For the nine months ended December 31, SAIL’s net revenues fell 18.8 per cent ₹27,698 crore as compared to ₹34,126 crore in the same period last year.

On February 5, the government levied a minimum import price ranging from $341 to $752 a tonne on 173 steel products to protect the domestic manufacturers.

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