JSW Steel posts Q3 loss of Rs 48 cr

**Mumbai:**JSW Steel has reported consolidatednet loss of Rs 47.89 crore for the third quarter ended inDecember due to forex losses, higher raw material costs andthe hit taken by group firm JSW Ispat Steel.

The company had reported a consolidated net profit of Rs291.72 crore during the October-December quarter in 2010-11.Net sales, however, rose 41 percent to Rs 8,404.66 crore during Q3, 2011-12, due to higher revenues from the steel

business, JSW said in a fling to the BSE.

[caption id=“attachment_209924” align=“alignleft” width=“380” caption=“The earnings were marred by foreign exchange losses and increased raw material costs. Reuters”]  [/caption]

The earnings were marred by foreign exchange loss of Rs558.72 crore and increase in raw material costs by over 50 percent to Rs 5,639.38 crore.JSW’s net finance charges also rose by over 80 percentto Rs 355.74 crore.These factors also pulled down the company’s standalonenet profit by about 56 percent to Rs 168.24 crore, which wasdeclared on 20 January.

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Moreover, JSW also accounted Rs 92.41 crore loss for itsshare in subsidiaries, including JSW Ispat Steel, in itsconsolidated results, the filing added.JSW Ispat Steel, in which Sajjan Jindal-led firm has over49 percent stake, had reported a standalone net loss of Rs308.57 crore on Wednesday.

JSW Steel’s shares closed today at Rs 816.65 apiece onthe BSE, down 0.28 percent from the previous close.

PTI