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Tata Steel profit lifted by one-off UK pension gain

Reuters 

By Krishna V Kurup(Reuters) - Tata Steel Ltd was helped to a quarterly profit of 146.88 billion rupees ($2.17 billion) by a one-off pensions gain, in contrast with an 11.68 billion rupee loss a year earlier.The Indian steelmaker on Wednesday reported an exceptional gain of 113.76 billion rupees in the quarter to the end of March, which included a non-cash gain of 140.77 billion rupees relating to the restructuring of its British pension scheme.Britain's pensions regulator agreed last year to allow Tata Steel UK to cut pension scheme liabilities, the main stumbling block in Tata's efforts to ...

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First Published: Wed, May 16 2018. 19:20 IST
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