India's largest alloy manufacturer Tata Steel on Monday released the company's first quarter earnings. The data show that, due to weak market demand in Europe as well as other factors, the level of their earnings fell 89 percent from a year earlier.
Tata Steel said in an earnings statement released in the first quarter ended in June this year, including Tata Steel Europe, the company's performance, the company's net income last year from the 53.5 billion The rupee fell to 5.98 billion rupees ($ 108 million contract). Earlier by Bloomberg News of 36 market analysts commence an investigation, according to their estimates, it is expected that Tata Steel in first-quarter profit to 6.17 billion rupees.
Tata Steel investor relations department head Praveen Sood, said in a telephone interview acceptable in the first quarter of 2012, Tata Steel from the sale of the holdings of Australia's Riversdale Mining Company received a size of up to 40.5 billion rupees one-time gains.
Tata Steel's earnings also reflect the decline in market demand for steel in Europe, this is mainly because the region is for this reason the European sovereign debt crisis has been a very negative impact, which hurt the market demand for automotive, appliance and construction industries .
Europe's debt crisis continues, the International Monetary Fund on July 16 this year fell on the 2013 global economic growth forecast to 3.9%, while the Standard & Poor's on July 26 this year, Tata's outlook lowered negative. Moody's Investors Service rating of Tata Steel UK subsidiary on August 8 this year, before the B2 down to B3.
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