Today Tata Steel announced the results for the fourth quarter ending March 31st 2011; they have announced a 72% rise in the profits for the fourth quarter compared to the same period last year.
Tata Steel’s consolidated net profit is Rs. 4,216.5 crore for the fourth quarter against Rs2,547.0 crore last year. Consolidate revenue increased to Rs 34,137.00 crore during the quarter compared to Rs 27,760.00 crore in the same period last year: a rise of 23%.
The European operations sold 4.13 million tons of steel products in the fourth quarter, with sales at $4.92 billion and the Indian operations posted sales of $1.87 billion, with the sales volume at 1.7 million tons.
Tata Steel, the world's seventh-largest steelmaker, have reported a one-time gain of $561 million arising from the sale of their plant in Teesside, U.K.
Expressing his satisfaction, Mr. Karl-Ulrich Kohler, CEO, Tata Steel Europe, said,"Higher selling prices and deliveries gave us a particularly strong end to the quarter, with additional one-off financial benefits from items such as the completion of the Teesside Cast Products sale,"
Mr. Koushik Chatterjee, CFO, Tata Steel, said “...European operations will continue to face cost pressures from escalating raw materials prices, such as iron ore and coking coal.”
He also confirmed that construction work for Tata Steel’s $7.8 billion plant in Orissa has begun and that they are looking for a total production capacity of 6 million tons per year after completing the full operational set-up; however, the first phase will have a production capacity of 3 million tons a year.
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