Usha Martin net loss narrows to Rs 32.6 cr in Q1

Speciality steel maker Usha Martin today reported narrowing of standalone net loss to Rs 32.6 crore for the quarter ended June 30, 2016.
The Kolkata-based firm had clocked a net loss of Rs 91.6 crore in the year-ago period, it said in a BSE filing.
Standalone net sales of the company fell 5 per cent to Rs 832 crore in April-June quarter this fiscal, from Rs 876.3 crore in the same quarter of 2015-16.
Its total expenses were lower at Rs 795.08 crore, from Rs 861.59 crore during the period under review.
There was an improvement in average price realisation of finished goods both in steel and wire & wire rope (WWR) business, it said.

Slackness in exports segment continues to be a drag on wire rope business, Usha Martin added.

Rolled steel products' production was higher by 5.4 per cent to 1.55 lakh tonnes (LT) during April-June from 1.47 LT during the year-ago period.
Usha Martin is a leading manufacturer of wire ropes and speciality steel in India. The company has a global base of wire rope manufacturing with facilities located in India, the UK, Dubai and Bangkok.
Shares of the company fell 5.64 per cent to settle at Rs 15.90 apiece on the BSE.