Jindal Steel and Power fourth-quarter loss widens

(Reuters) - Steel producer Jindal Steel and Power Ltd on Wednesday said its quarterly net loss widened, hurt by a one-time expense due to certain demands and claims from regulatory authorities.

Net loss came in at to 3.08 billion rupees ($45.77 million)in the January-March quarter, from a loss of 495.1 million rupees a year earlier, the company said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/aa14fa59-f20f-4954-8e92-cf8d9ab76947.pdf.

Exceptional item for the quarter was 4.38 billion rupees, the company said.

The company, which has been posting losses for the last 13 quarters, had said in mid-2017 that it expects to turn profitable by 2018/19.

($1 = 67.2900 Indian rupees)

 

(Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil Nair)