JSW Steel reports Rs 923 cr loss in Q3

JSW Steel Ltd reported a consolidated net loss of Rs 923 crore ($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 Rs 329 crore in the year-ago quarter, said the latest consolidated results included a one-off charge of Rs 2,122 crore on impairment of assets.

Consolidated net sales fell about a third from a year earlier to Rs 8,621 crore for its fiscal third quarter to Dec. 31, JSW Steel said in a regulatory filing on Friday.