Corporate May 23, 2013
Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region.
The company's January-March net loss was Rs 6,529 crore, compared with a Rs 4,330 crore profit a year earlier. Net sales rose about 1 percent to Rs 34180 crore.
Analysts had expected profit of Rs 364 crore on sales of Rs 35,016 crore, according Thomson Reuters I/B/E/S.
Earlier this month the company said it would write down goodwill and assets by $1.6 billion in the financial year that ended in March, mainly because pf weakness in Europe, where demand has fallen by almost a third since 2007.
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