India's Tata Steel Sees $2.9 Billion Profit

June 26, 2008

Profit triples from last year

The world's sixth-largest steelmaker, Tata Steel, announced on June 26 it had almost tripled its consolidated full year net profit to $2.9 billion, boosted by last year's acquisition of Corus.

Consolidated net profit for the year ending March 2008 rose to 123.49 billion rupees from 41.77 billion rupees a year earlier.

The company said standalone net profit for the quarter ending March 2008 rose 11% to 46.87 billion rupees (US$1.1 billion) from 42.22 billion rupees a year ago.

Sales for the fourth quarter rose 11.4% to 200.28 billion rupees.

In 2007 the firm bought Anglo-Dutch steel group Corus in a $13.7 billion deal, catapulting it to sixth-largest global steelmaker from 56th.

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