30 Agustus 2007
India's Tata Steel Revises Ql Profit up

India's largest steel-maker Tata Steel  on Wednesday sharply revised higher its first guarter earnings and sales to include the purchase of Anglo-Dutch steel firm Corus.

The company said in a statement said that after completing a US$13.7 billion takeover of Corus on April 2, Tata Steel had knockedup a net profit for the guarter ended June of 63.9 billion rupees ($1.6 billion).
This compared with the previously announced figure of 12.2 billion rupees. On Wednesday, the company said the combined operations posted sales of 312 billion rupees in the same guarter.
In July, the firm said sales for the guarter, not including Corus, it gained 9.2 percent to 43.4 billion rupees.
Tata Steel said that on a pro forma basis calculated as if the company had owned Corus a earlierfirst guarter net profit was up 530 percent while net revenues were up by 442 percent.
The merged Tata SteelCorus company, with production of 25.6 million tons annually, is part of a wave of mergers and takeovers in the global steel industry to increase market presence and lower costs.
Tata Steel shares rose 40.15 rupees or 6.63 percent to 645.55 w.hile the benchmark on the Mumbai stock exchange was down 71.71 points or 0.48 percent to 14,847.78 in noon trade.

Sumber : The Jakarta Post, 30 August 2007 (From AFP)

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