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Indian Jindal Stainless posts 70% slump in Q4 net profits
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It’s reported that Indian Jindal Stainless announced that its net profits amounted to INR18.55 crore in the fourth quarter of fiscal year 2011/12, slumping by 70% from a net profits of INR65.63 crore in the same period of a year earlier, caused by depreciated rupee and higher raw material costs.
Jindal Stainless stated that the weak performance in the fourth quarter of fiscal year 2011/12 was attributable to the price rise in raw materials of chrome ore and coal and the sharply depreciated rupee.
In addition, the firm pointed out that the government’s policy to keep the interest rates at high level has depressed the market expansion. Also, the cheap imports from China and Far East impacted the market as well.
Meanwhile, Jindal Stainless posted consolidated income of INR8,765 crore in the full fiscal year 2011/12, rising from INR7,532 crore in a year earlier. However, reported a net loss of INR180 crore during the year, in comparison of a net profit of INR314 crore in the previous year.
News Date
5/31/2012 10:50:00 AM
reported by
Mark Wang
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