India's JSW Steel reports $136 mln loss in Q3

MUMBAI (Reuters) - JSW Steel Ltd reported a consolidated net loss of 9.23 billion rupees ($136 million) for the December quarter hurt by a one-time charge and as the steel sector struggles with weak demand and high debt.

JSW Steel, which had reported a net profit of 3.29 billion rupees in the year-ago quarter, said the latest consolidated results included a one-off charge of 21.22 billion rupees on impairment of assets.

Consolidated net sales fell about a third from a year earlier to 86.21 billion rupees for its fiscal third quarter to Dec. 31, JSW Steel said in a regulatory filing on Friday.

 

($1 = 67.8600 rupees)

(Reporting by Promit Mukherjee; Writing by Devidutta Tripathy; Editing by Gopakumar Warrier)