Uttam Galva Steels posts net loss of Rs 93.56 cr for Jul-Sep

Galvanised steel maker Uttam Galva Steels today reported a standalone net loss of Rs 93.56 crore for the quarter ended September 30, 2016.
It had posted a net profit of Rs 15.93 crore in the year-ago period.
Total standalone income of the company fell by 40 per cent to Rs 1,173.21 crore in July-September quarter of this fiscal from Rs 1,959.85 crore during the same quarter of 2015-16, it said in a BSE filing.
Total expenses were lower at Rs 1,200.77 crore from Rs 1,881.95 crore during the period under review.
The company is into the business of procuring hot rolled steel and processing it into cold rolled and further into galvanised and colour coated coils.

Uttam Galva has expanded its cold rolling capacity in Maharashtra to 1 million tonnes per annum and has also increased galvanising capacity to 7,50,000 tonnes per annum.
The firm has added a new colour coated line (Uttam Spectrum) with a capacity of 90,000 tonnes per annum.
Shares of the company closed 6.23 per cent down at Rs 27.85 on BSE.