Post-Corus acquisition Tata Steel reports six-fold hike in quarterly earnings
29 Aug 2007
The world''s sixth-largest steel maker since its acquisition of Corus, Tata Steel Ltd has reported its consolidated quarterly earnings having risen over six times. In January, this year, it wrested UK-based Anglo-Dutch steel maker Corus Plc in a biding war with Brazilian steel firm CNS.
Releasing its consolidated results for the first time since the Corus acquisition, Tata Steel said its post-tax profit rose to Rs63.88 billion rupees for April-June, from Rs10.14 billion in the year-ago quarter.
Consolidated net revenue also include other international operations such as NatSteel and Tata Steel (Thailand) rose more than five times to Rs315.55 billion from Rs57.48 billion a year earlier.
In
July, Tata Steel had said its standalone net profit rose 28 per cent to Rs12.22
billion in the fiscal first-quarter ended June.