JSW Steel net loss at Rs 128 cr

Sajjan Jindal-controlled JSW Steel reported a net loss of Rs 127.50 crore for the third quarter ended December 2008, following a foreign-exchange loss of Rs 177 crore. The company had recorded a net profit of Rs 355.37 crore in the corresponding period last financial year.

Though the sales have fallen 0.64 per cent, mainly due to a drop in steel demand from auto sector, the company managed to raise the income by 0.14 per cent with the support of other operating income.

The total income of the steel major rose marginally to Rs 2,826.74 crore for the quarter under review, from Rs 2,822.74 crore in the same period last financial year.

 

The promoters of JSW Steel plans to repay the debt taken by pledging their 7 per cent stake. The promoters led by Sajjan Jindal had raised about Rs 350 crore a couple years ago.

The promoters will repay the debt within three months, said Jindal. Recently, Sebi said the promoters will have to disclose information on promoters pledging their shares to raise capital, following the recent Satyam scandal.