Bhushan Steel Q3 net loss more than doubles to Rs 16.07 bn

During the period under review, its total expenses also rose to Rs 58.44 bn from Rs 49.37 bn

Debt-laden Bhushan Steel Ltd reported widening of its net loss to Rs 16.07 billion for the quarter ended December 2017.

The bankrupt firm, which is undergoing insolvency proceedings, had posted a net loss of Rs 7.43 billion in the same quarter a year ago.

The company's revenue from operations during October-December quarter of 2017-18 stood at Rs 44.07 billion as against Rs 40.94 billion in the same period a year ago, Bhushan Steel said in a BSE filing.

During the period under review, its total expenses also rose to Rs 58.44 billion from Rs 49.37 billion.

Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes an amount of Rs 444.78 billion to its lenders.