 "Tata Chemicals Q3 results: Loss at Rs 53 crore, revenue declines 3.8%")
India's Tata Chemicals reported its second loss in four quarters on Monday, hurt by a one-time charge incurred in its UK operations and a dip in soda ash prices amid soft demand.
The chemicals firm reported a consolidated net loss of 530 million rupees ($6.1 million) for the quarter ended Dec. 31, compared to a profit of 1.58 billion a year earlier.
Tata Chemicals said it incurred a non-cash writedown on assets aggregating to 700 million rupees with respect to its UK operations.
Its revenue from operations fell 3.8% to 35.90 billion rupees for the quarter.
KEY CONTEXT
An economic slowdown in China and flat demand in the European Union have hit prices of soda ash, which contributes to two-thirds of Tata Chemicals' overall sales.
Soda ash is used to reduce the melting point of silica to produce glass. It is also used in the soap and detergent industries.
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