JSW Steel avoids loss in Q2

JSW Steel Ltd reported an 84 percent fall in net profit for the July-September quarter as the steel sector continues to struggle with weak demand and high debts, but was able to avoid an expected loss after lowering expenses.

JSW Steel, which counts itself among the lowest cost steel producers in the world, reported a consolidated net profit of Rs 117 crore ($17.96 million) for the second quarter ended Sept. 30 versus Rs 749 crore a year ago.

Analysts had expected a loss of Rs 165 crore, according to data compiled by Thomson Reuters.

Net sales fell 21.5% to Rs 10,743 crore.

($1 = 65.1475 Indian rupees)